Stocks Broke String of Weekly Gains

U.S. stocks closed lower Friday, breaking a string of weekly gains as worries about Greece’s future in the euro zone overrode mildly positive U.S. data. The Dow Jones Industrial Average fell 61.23 points, or 0.51%, to 11,983.24. It lost 2% for the week, its first down week in six. The S&P 500 lost 7.92 points, or 0.63%, to 1,253.23. It fell 2.5% for the week, its first down week in five. The Nasdaq Composite lost 11.82 points, or 0.44%, to 2,686.15. It fell 1.9% for the week.

Europe failed to get the leaders of the world’s wealthiest economies to help out with its debt troubles, but everyone left a G -20 summit Friday relieved that at least they forced the Greek prime minister not to hold the world hostage with a bailout vote.

Oil prices rose slightly Friday as concerns about the European financial crisis were balanced by improving jobs data in the U.S. Benchmark crude rose 19 cents to end the week at $94.26 per barrel in New York, while Brent crude rose $1.14 to finish at $111.97 a barrel in London.

Utility holding company MGE Energy Inc. said Friday its third-quarter net income rose 6 percent on higher demand due to warmer summer weather. The company earned $21 million, or 91 cents per share, compared with $19.9 million, or 86 cents per share a year earlier. Revenue rose to $133.6 million from $127.9 million in the third quarter of 2010.

Hospital software maker MedAssets Inc. reported a third-quarter loss on Friday due to costs related to the integration of Broadlane Group into its business. MedAssets said it lost $983,000, or 2 cents per share. In the third quarter of 2010 it reported a profit of $8.5 million, or 14 cents per share. MedAssets said it earned 26 cents per share in the latest quarter if one-time items are excluded. Revenue grew 50 percent, to $143.6 million from $95.9 million.





Leave a Reply