Stocks Sink Lower Friday, But Show Gains for the Week
(NEW YORK) — Stocks fell Friday as hopes for a deal to avoid the fiscal cliff fade.
The Dow closed down 121 points at 13,190.84, led by declines for Bank of America (down 2 percent) and Exxon Mobil (down 1.87 percent), the Wall Street Journal reports. The Nasdaq lost 29 points Friday to close at 3,021.01. Falling energy shares brought the S&P lower, WSJ reports. The index gave up 14, closing at 1,430.15.
Even so, all three indexes managed to finish the week higher. The Dow closed the week up 0.4 percent, the Nasdaq was up 1.7 percent, and the S&P jumped 1.2 percent.
House Speaker John Boehner says he’s still open to negotiations with President Obama, but he says he’s not sure how they can get there.
Worries over the fiscal cliff may have caused a key gauge of the nation’s consumer confidence to plunge. The University of Michigan’s monthly index fell to 72.9 in December, a big drop from its November reading, which hit a five-year high.
California’s economy may be turning the corner. The state’s jobless rate dropped below 10 percent for the first time since the recession began, hitting 9.8 percent in November.
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