US stocks fell for the first day in three as ConocoPhillips's plan to reduce oil and gas output sent energy shares lower.
Even with today's losses, the Dow Jones Industrial Average recorded its seventh straight weekly gain, the longest streak in more than four years. The Standard & Poor's 500 Index and the NASDAQ Composite Index climbed for the sixth week in seven.
"We shouldn't be discouraged by the market taking a short rest," said David Sowerby, chief market strategist at Loomis Sayles & Co, which manages US$65 billion in Boston. "You can't run a marathon at four-minute miles."
The Dow fell 40.31, or 0.5 percent, to 8,804.84. The S&P 500 lost 3.21, or 0.3 percent, to 930.55, with energy stocks contributing more than a third of the decline. The NASDAQ rose 1.19, or 0.1 percent, to 1,468.74.
For the week, the Dow rose 2.6 percent. Its last seven-week winning streak was in February-March 1998.
The S&P 500 advanced 2.3 percent and the NASDAQ 4.1 percent. The Dow has climbed 21 percent and the S&P 500 20 percent since Oct. 9, when they reached five-year lows.
Stocks were helped this week by a Labor Department report showing new unemployment claims fell to the lowest in four months.
"The macroeconomic factors are all positive for the market to go higher," said Art Hogan, chief market analyst at Jefferies & Co in Boston. "The Republicans are in charge, interest rates and jobless numbers are lower, and inflation is nil."
Still, stocks are headed to a third straight losing year. The Dow has lost 12 percent, the S&P 500 19 percent and the NASDAQ 25 percent.
Ten stocks rose for every nine that fell on the New York Stock Exchange Friday, while seven advanced for every six that declined on the NASDAQ Stock Market. Some 1.62 billion shares traded on the Big Board, 10 percent more than the three-month daily average.
ConocoPhillips fell US$1.39 to US$48.55. The third-largest US oil company said it will produce less oil and natural gas next year.
Exxon Mobil Corp, the biggest publicly traded oil company, declined US$0.64 to US$34.22.
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