NEW YORK -- The stock market capped a quiet week of trading on a down note.
Major indexes fell from the start on Friday as oil drillers and other energy-related companies followed oil prices lower. Stocks spent much of the rest of the day drifting between losses and gains as investors considered a mixed bag corporate earnings and a slight increase in inflation.
The Standard & Poor's 500 index closed down 4.76 points, or 0.2 percent,
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Trading was light ahead of the Memorial Day weekend in the U.S.
Just 2.5 billion shares changed hands on the New York Stock Exchange, three-quarters of the normal level.
Nine of the 10 industry sectors of the S&P 500 were lower, led by a 0.8 percent drop in telecommunications stocks.
Among stocks making big gains, Deere & Co. rose $3.89, or 4.3 percent, to $93.35 after the equipment maker beat analysts' estimates for its latest quarterly earnings.
The company also raised its profit forecast for the year.
Campbell Soup rose 98 cents, or 2 percent,
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In economic news,
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The report also noted that core inflation,
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The numbers suggest that an improving economy could be setting the stage for the Federal Reserve to raise its benchmark short-term interest rate. The central market has held the rate near zero for more than six years.
"We don't think inflation is really a problem, but the uptick is a cover for the Fed to do what it wants to do anyway: Get off zero rates," said Jim McDonald, chief investment strategist at Northern Trust.
Later in the day, Federal Reserve Chair Janet Yellen said in a speech that she expected the Fed to begin raising rates later this year if the job market improves. But she cautioned that the economy is still facing challenges, including disappointing wage growth and too many people working part-time.
Despite the drop for the day,
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The index has closed at record highs recently, though the gains have been tiny as investors fret over unimpressive earnings and an uncertain global economy.
"It continues to be the rally that no one respects,
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Among stocks making moves Friday, Gap Inc. fell 55 cents, or 1.4 percent, to $38.01 on news late Thursday that first-quarter earnings plunged 8 percent as it tries to turn around its Banana Republic and Gap chains.
The company also cited a surge in the value of the dollar, which makes sales abroad worth less when translated back to the U.S. currency.
Overseas,
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Investors are betting that the economic stimulus that has powered the rally will continue after several poor indicators, including a disappointing manufacturing index on Thursday.相关的主题文章:
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