Dow, S&P Drop for Third Straight Week

U.S. stocks declined on Friday, with the Dow and S&P falling for a third week, on concern about Europe’s debt troubles and prospects for global growth. The Dow Jones Industrial Average fell 73.11 points, or 0.59%, to 12,369.38. The S&P 500 Index fell 9.64 points, or 0.74%, to 1,295.22. The Nasdaq Composite shed 34.9 points, or 1.24%, to 2,778.79.

The leaders of eight of the world’s biggest economies meet this weekend outside Washington, seeking to keep Europe’s debt crisis from spiraling out of control and jeopardizing fledgling recoveries in the U.S. and elsewhere.

Facebook Inc. shares closed at $38.23 — just 23 cents above its IPO price at the end of their first public trading session on Friday following a volatile session that had the shares up as much as 10% at one point, only to lose most of those gains by the end.

Oil futures continued on a downward path Friday, on a sixth consecutive day of declines as investors remained concerned about global growth and lessened demand for oil amid plentiful U.S. supplies. Crude for June delivery retreated $1.08, or 1.2%, to settle at $91.48 a barrel on the New York Mercantile Exchange.

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