Stocks de­cline to end a strong week

Los Angeles Times - - TECHNOLOGY - As­so­ci­ated press

A rally that pushed a key in­dex to a record high pe­tered out on Fri­day.

De­spite the losses, the mar­ket still ended with its best week in nearly two months af­ter get­ting a boost from the Fed­eral Re­serve on Wed­nes­day. Pol­i­cy­mak­ers sig­naled that they were in no hurry to raise in­ter­est rates from his­tor­i­cally low lev­els.

“Many sec­tors and stocks have had a good few days, so some of it is [down to] peo­ple tak­ing off some of their prof­its,” JJ Ki­na­han, TD Amer­i­trade’s chief strate­gist, said about Fri­day’s trad­ing.

The Stan­dard & Poor’s 500 in­dex lost 11.48 points, or 0.5%, to 2,109.76. The in­dex was up 0.8% for the week, its best gain since the week ended April 24.

The Dow Jones in­dus­trial av­er­age fell 99.89 points, or 0.6%, to 18,015.95.

The Nas­daq com­pos­ite slid 15.95 points, or 0.3%, clos­ing at 5,117. That’s just be­low its record high of 5,132.95 set Thurs­day.

An im­passe in bailout ne­go­ti­a­tions be­tween Greece and its cred­i­tors and wor­ries about a stock bub­ble in China weighed on the mar­ket. Util­i­ties and fi­nan­cial stocks were among the big­gest de­clin­ers. The price of oil fell, end­ing the week nearly flat.

A se­ries of dis­ap­point­ing sales fore­casts also hurt stocks. Her­shey fell 3.5% af­ter the cho­co­late and candy maker cut its rev­enue out­look for the year be­cause of weak de­mand in China. The com­pany also said it plans to cut about 300 jobs by the end of the year. The stock lost $3.22 to $89.04.

CarMax fell 3.7% af­ter the used car deal­er­ship chain re­ported fis­cal first-quar­ter sales that fell short of fore­casts. The stock shed $2.69 to $69.27.

In­vestors wel­comed news that ac­tivist in­vestor firm Jana part­ners has taken a 7.2% stake in ConA­gra Foods. Jana said ConA­gra’s re­sults have been dis­ap­point­ing since it bought Ral­corp, the owner of Post ce­re­als, in Jan­uary 2013, and asked the pack­aged food com­pany to ex­tend the dead­line for nom­i­nat­ing board can­di­dates. ConA­gra rose $4.25, or 10.9%, to $43.37.

The dol­lar fell to 122.61 yen from 123.04 yen on Thurs­day. The euro fell against the dol­lar to $1.1357 from $1.1371.

In energy trad­ing, bench­mark U.S. crude fell 84 cents to close at $59.61 a bar­rel in New York. Oil fin­ished last week at $59.96. Brent crude, a bench­mark for in­ter­na­tional oils used by many U.S. re­finer­ies, fell $1.24 to close at $63.02 in Lon­don.

U.S. gov­ern­ment bond prices rose. The yield on the 10-year Trea­sury note, which drops when prices rise, fell to 2.26% from 2.32% late Thurs­day.

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