Stocks Declined, on Track for Weekly Gain

U.S. stocks declined on Friday, but remain on track for solid weekly gains thanks to a big advance Thursday, when the European Central Bank unveiled fresh stimulus measures. The Dow Jones Industrial Average sunk 141.38 points, or 0.79%, to 17,672.60, posting a weekly advance of 1.2%. The S&P 500 declined 11.33 points, or 0.55%, to 2,051.82, pacing for a weekly rise of 1.8%. Nasdaq Composite rose 7.48 points, or 0.16%, to 4,757.88, looking at a weekly jump of 2.7%.

Existing home sales rose 2.4 percent in December, but the share of first-time homebuyers remained worryingly low.The latest upbeat data comes in the form of existing home sales, which rose 2.4 percent in December to reach a 5.04 million annualized pace, according to data released Friday by the National Association of Realtors (NAR).

The flash reading of the Markit manufacturing purchasing managers index edged lower in January to a 53.7 from 53.9 in December, to mark the lowest reading in 12 months.

Expedia has acquired online travel agency Travelocity from technology company Sabre for $280 million in cash, the companies said in a statement on Friday, as consolidation in the online booking industry continues.