May 22, 2013
Stocks retreat on earnings concerns
US stocks wrapped up their worst week in four months, led lower on Friday by financial shares as results from Wells Fargo and JPMorgan ignited concerns about shrinking profit margins for big lenders.
The Dow Jones industrial average edged up 2.46 points, or 0.02 percent, to 13,328.85 at the close. But the S&P 500 fell 4.25 points, or 0.30 percent, to finish at 1,428.59. The Nasdaq Composite dipped 5.30 points, or 0.17 percent, to 3,044.11.
European blue chip shares ended the week in negative territory with weakness in commodity stocks outpacing gains in healthcare and consumer staples.
The FTSEurofirst fell 5.47 points, or 0.5 percent to 1,093.33, paring the previous session's gains but staying within the tight 20-point range in place since Sept. 26.
The uptrend in the index that began in June fuelled by central bank stimulus and relatively cheap valuations has just about remained in tact, but global growth concerns are now capping gains.
Japan's Nikkei fell to its lowest level in more than two months in Asian trading.
The benchmark Nikkei eased 0.2 percent to 8,534.12, losing ground for a fifth straight session, and was down 3.7 percent for the week, its biggest weekly fall since May and a fourth straight week of losses.
The broader Topix advanced 0.6 percent to 718.32, with 1.73 billion shares changing hands, up from yesterday's 1.72 billion and last week's average of 1.45 billion.