Stocks Set to End Week Lower

U.S. stocks opened lower on Friday, with major indexes largely on track to close out a week of modest losses as investors grew cautious over the state of economic growth. The Dow Jones Industrial Average lately fell 16.73 points, or 0.10%, to 16,829.40. The S&P 500 was down 1.23 points, or 0.06%, to 1,955.99. The Nasdaq Composite was up 1.30 points, or 0.03%, to 4,380.35.

Argentina has deposited the next payment needed to avoid a default on its restructured bonds, but a U.S. federal court decided on Thursday not to let the payment go through. Another hearing is scheduled for Friday morning.

Michaels has crafted its way back to the stock market, raising $472 million in an initial public offering. It priced 27.8 million shares at $17 each, at the low end of its predicted range.

KB Home (KBH) reported better-than-expected profit and revenue for its fiscal second quarter. The homebuilder said net income swung to a profit of $26.6 million, or 27 cents a share, in the quarter, from a loss of $2.97 million, or 4 cents a share, in the year-earlier period. Revenue climbed to $565 million from $524 million, buoyed by higher selling prices.

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