Stocks mostly edged lower, ending the biggest weekly drop of 2012, as investors weighed steady domestic-labor data and concerns about Europe's economy and looked ahead to jobs-market data. Brendan Conway has details on The News Hub. Photo: Brendan McDermid/Reuters
Stocks mostly edged lower, capping the biggest weekly drop of the year, as investors weighed steady domestic labor data against concerns about Europe's economy.
Spanish bond yields rose to a four-month high, adding to fears about that country's finances that had sparked a selloff Wednesday. On Thursday, the Dow Jones Industrial Average retreated 14.61 points, or 0.1%, to 13060.14, extending its retreat to a third-straight day.
U.S. stocks edge lower as rising borrowing costs in Spain and concerns over slowing growth elsewhere in Europe weigh on sentiment, Chris Dieterich reports on Markets Hub. Photo: AP Photo/Seth Wenig.
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The Standard & Poor's 500-stock index ticked down 0.88 point, to 1398.08. Telecommunications stocks lagged behind. Constellation Brands tumbled $3.08, or 13%, to $21.61, leading the index lower, after the alcoholic-beverages maker gave a cautious forecast for the year.
The Nasdaq Composite added 12.41 points, or 0.4%, to 3080.50, as Apple extended its advance to an all-time high, up 9.37, or 1.5%, to 633.68.
"What we're seeing is people trying to square positions ahead of the long weekend, particularly in light of the fact that there's a major economic number tomorrow when the market's closed," said Steve Sosnick, equity risk manager at Interactive Brokers LLC's Timber Hill unit. The stock market is closed for Good Friday, when the government is set to release nonfarm payroll data. On the week, the Dow fell 1.1% and the S&P 500 dropped 0.7%, their worst weeks since December.
Concerns over Europe's sovereign-debt crisis mounted as yields on 10-year Spanish government bonds hit a high of 5.81%, the highest mark since December. In the U.S., new applications for jobless benefits fell to the lowest level in nearly four years, the Labor Department said, further evidence that U.S. employers likely added a healthy number of workers in March. Earlier, data provided by outplacement firm Challenger, Gray & Christmas showed that planned job cuts fell in March to a 10-month low.
Can the stock market sustain its gains, or are investors facing a pullback? We'll discuss the outlook for the financial markets with Russell Investments Chief Market Strategist Stephen Wood on The News Hub. Photo: Brendan McDermid/Reuters
Meanwhile, U.K. manufacturing production fell in February from a month earlier, while economists had been expecting a flat reading. On an annual basis, production dropped 1.4%, the biggest decline since December 2009. In addition, German industrial production slid in February. Separately, the Bank of England left key interest rates and the target for its bond-buying program unchanged.
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European markets erased earlier losses to finish with a small gain. The Stoxx Europe 600 advanced 0.1%, helped by the U.S. jobless data, but fell 1.6% on the week. European markets are closed on Friday.
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Traders work on the floor of the New York Stock Exchange Wednesday.
Asian bourses were mostly lower. Japan's Nikkei Stock Average fell 0.5% for a third-straight day, and Hong Kong's Hang Seng Index shed 1%. But as investors returned after a three-session holiday, China's Shanghai Composite rose 1.7% after Beijing raised the amount foreigners would be allowed to invest in financial markets.
Crude-oil prices gained 1.8%, to settle at $103.31 a barrel, while gold prices tacked on 1%, to settle at $1,628.50 a troy ounce. The dollar rose against the euro, but lost ground against the yen.
In corporate news, Bed Bath & Beyond jumped 5.62, or 8.5%, to 71.85, the biggest climb in the S&P 500, after posting fiscal fourth-quarter revenue and same-store sales that topped its expectations.
Facebook has chosen to list its initial public offering on Nasdaq OMX Group's exchange, according to people familiar with the matter. The listing would bolster Nasdaq's reputation as the favored venue for high-tech companies and represent a symbolic win against archrival NYSE Euronext . Nasdaq rose 30 cents, or 1.2%, to 25.52.
Polycom slid 3.63, or 20%, to 14.56, after the videoconferencing company indicated first-quarter earnings and revenue would fall short of expectations, the result of sales weakness in the Asian-Pacific and North American regions.
Allos Therapeutics soared 39 cents, or 27%, to 1.82, after the biopharmaceutical company said it agreed to be acquired by Spectrum Pharmaceuticals for a 27% premium to Wednesday's closing price. Spectrum slumped 1.15, or 9.4%, to 11.06.
Ruby Tuesday fell 1.61, or 18%, to 7.27, after the restaurant chain reported fiscal third-quarter earnings that beat estimates but revenue that missed, and said it planned to close 25 to 27 underperforming restaurants during the current quarter.
Several retailers reported same-store sales for March that topped analysts' forecasts. Macy's slid four cents, or 0.1%, to 40.87, even after it beat expectations and projected same-store sales for March and April combined will be higher than previously anticipated. Target declined 10 cents, or 0.2%, to 57.72, after topping views for March and boosting its fiscal first-quarter earnings forecast.
Costco Wholesale fell 39 cents, or 0.4%, to 88.65, after the wholesale club operator said March same-store sales rose less than expected.
Retail Properties of America gained 75 cents, or 9.4%, to 8.75, on its first day of trading on the New York Stock Exchange. The shopping-center operator's initial public offering priced at $8 a share, below its expected range of $10 to $12.
Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com
Europe, Europe, Europe, stock market, New York Stock Exchange, New York Stock Exchange, Brendan Conway, investors, investors, Constellation Brands, Nasdaq Composite
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