March 10, 2014
Wall St ends flat; falls for week with eyes on Fed
US stocks ended little changed after a three-day drop, but logged their worst week in nearly four months on concern that the Federal Reserve could signal the start of a reduction in its stimulus program at its policy-setting meeting next week.
Investors in US-based funds pulled $6.51 billion out of stock mutual funds in the week ended Wednesday, representing the biggest weekly outflow this year.
In a bullish signal, the S&P 500 closed on Friday right above 1,775 - considered a technical support level. At less than 2 percent below its record closing high, the S&P 500's pullback for the week shows no signs of investor panic, traders said.
The Dow Jones industrial average rose 15.93 points or 0.1 percent, to end at 15,755.36. The S&P 500 dipped a mere 0.18 of a point or 0.01 percent, to finish at 1,775.32. The Nasdaq Composite added 2.572 points or 0.06 percent, to close at 4,000.975.
For the week, the Dow and the S&P 500 each lost 1.65 percent and the Nasdaq fell 1.52 percent. It was the largest weekly percentage drop for the indexes since August.
T-Mobile US shares jumped late in regular trading after a Wall Street Journal report that Sprint is mulling a bid for its rival. T-Mobile US shares shot up 8.7 percent to close at $27.64 while Sprint gained 3.4 percent to end at $8.43. After the bell, Sprint further extended its gain by 3.1 percent.
Shares of International Paper rose 3.6 percent to close at $47.83 and led the gainers in the S&P 500's materials sector.
In the energy sector, shares of Anadarko Petroleum Corp fell 6.4 percent to $78.31 a day after a US judge ruled that Anadarko and its Kerr-McGee unit acted with "intent to hinder" when they spun off Tronox, a paint materials company that later went bankrupt.
Adobe Systems Inc climbed 12.8 percent to $60.89 a day after the maker of Photoshop and Acrobat software reported a surge in the number of subscribers to its Creative Cloud suite from the previous quarter.
Twitter Inc shares rose 6.6 percent to a record closing high of $59 a day after the company was forced to nix a change to its "block" feature after users protested that the new policy empowered perpetrators of online abuse.
Advancers beat decliners on the NYSE by a ratio of 4 to 3. On the Nasdaq, about seven stocks rose for every five that fell.
About 5.5 billion shares changed hands on US exchanges, below the 6.1 billion average so far this month, according to data from BATS Global Markets.