US stocks on Friday finished barely lower as energy companies fell with oil prices and a 10-day rally for technology companies came to an end. However, Wall Street mostly avoided the sharp losses that hit European stocks.
The price of US crude oil fell 2.5 percent and pulled energy stocks lower. Technology companies slipped, ending their longest winning streak in more than two years.
Investors bought government bonds in the US and Europe, which sent prices higher and yields lower. With yields down, investors who wanted income bought shares in companies that pay big dividends, such as utilities and household goods makers.
The S&P 500 on Friday slipped 0.04 percent to 2,472.54, up about 0.5 percent from a close of 2,459.27 a week earlier.
The Dow Jones Industrial Average on Friday dipped 31.71 points, or 0.15 percent, to 21,580.07, down 0.3 percent from 21,637.74 on July 14. Earlier in the day it shed as many as 108 points.
The NASDAQ Composite lost 2.25 points, or 0.04 percent, to 6,387.75, an increase of 1.2 percent from a close of 6,312.47 a week earlier.
The Russell 2000 index of smaller-company stocks sank 6.52 points, or 0.5 percent, to close at 1,435.84, rising 0.5 percent from 1,428.82 on July 14.
However, all four indices remain near record highs.
General Electric Co (GE) slid after it disappointed investors by saying it expects to reach only the low end of its annual profit forecast range.
GE said its power unit struggled in the second quarter of this year and low oil prices are also hurting its business.
The stock on Friday fell US$0.78, or 2.9 percent, to US$25.91. It is down 18 percent this year.
Also falling was oilfield services company Baker Hughes, which was combined with GE’s oil and gas unit this month and is now mostly owned by GE. It shed US$0.85, or 2.4 percent, to US$34.12.
Baker Hughes was one of a horde of energy companies that fell with oil prices.
Software giant Microsoft Corp’s fourth-quarter profit and sales surpassed Wall Street estimates, as the company posted another round of strong results from its cloud computing business.
However, its stock dipped US$0.43 to US$73.79.
Chipmaker Texas Instruments Inc lost US$0.99, or 1.2 percent, to US$81.70.
E-commerce company eBay Inc fell US$0.57, or 1.2 percent, to US$36.61.
Payment processor Visa Inc added US$1.49, or 1.5 percent, to close at US$99.60 after a report showed that its purchase of Visa Europe a year ago is strengthening its business.
Still, a 10-day run for the NASDAQ and technology companies came to an end. The S&P 500 technology index climbed more than 6 percent over period and reached record highs.
The rally was assisted by the weakening US dollar, which helps sales and earnings overseas. Investors also bet that technology companies would have another round of strong quarterly earnings.
Financial firms did relatively well after some solid quarterly reports.
Credit card issuer Capital One Financial Corp leaped US$6.93, or 8.6 percent, to US$87.94 after it beat Wall Street estimates in the second quarter.
E-Trade Financial Corp gained US$2.03, or 5.1 percent, to US$41.63 and Moody’s Corp added US$5.40, or 4.2 percent, to US$132.57.
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