Stocks Closed Down Along With Energy Sector

U.S. stocks edged lower Friday, with energy firms fell the most among the S&P 500 Index’s 10 major sectors as oil slid below $107 a barrel. The Dow Jones Industrial Average lost 2.73 points, or 0.02%, to 12,977.57. It lost 0.04% for the week. The S&P 500 ended down 4.46 points, or 0.3%, to 1,369.63, up 0.3% for the week. The Nasdaq Composite ended down 12.78 points, or 0.4%, to 2,976.19, up 0.4% for the week.

Crude futures on Friday reversed the previous session’s rally after a denial that a pipeline was attacked and as the U.S. dollar strengthened. Light, sweet crude for April delivery fell $2.14, or 2%, to settle at $106.70 a barrel on the New York Mercantile Exchange.

Richard Parsons is stepping down as chairman of Citigroup Inc and is expected to be replaced by Michael O’Neill, the former chief executive of Bank of Hawaii Corp, the Wall Street Journal reported on its website on Friday.

General Motors (NYSE:GM) will halt production of the Chevy Volt electric car for five weeks, The Wall Street Journal reported.

A  federal judge on Friday rejected Credit Suisse Group Inc’s (VTX:CSGN) bid to dismiss a lawsuit by National Century Financial Enterprises bondholders that accused the Swiss bank of missing the health care finance company’s more than $2 billion fraud.

Financier J. Ezra Merkin, accused of secretly steering $2.4 billion in client funds to Ponzi schemer Bernard Madoff, is close to settling a lawsuit brought by the New York attorney general for about $400 million, according to a person close to the matter.

All but two European Union countries signed a treaty on tighter budget discipline for the euro zone on Friday, marking a coup for Germany which pushed for the accord to try to prevent a repeat of the loose spending that led to a debt crisis.

About the Author

has written 14095 stories on this site.

Copyright © 2012 Nine Stocks