US stocks finish downcast week mostly lower
The S&P 500 fell into correction territory on Friday, concluding a downcast week as markets weighed instability in the Middle East and uncertainty over monetary policy. "We are seeing the sellers are relentless and clearly in control," said Adam Sarhan of 50 Park Investments, adding that "the market is repricing for a potential increased military involvement in the Middle East." The broad-based S&P 500 finished at 4,117, down 0.5 percent for the day and off more than 10 percent from July 31 – technically a correction. The Dow Jones fell 1.1 percent to 32,417, while the Nasdaq gained 0.4 percent to 12,643. All three indices retreated during the week. A closely-watched indicator of US inflation stayed steady in September. The personal consumption expenditures price index rose 3.4 percent from a year ago – the same rate as in the preceding two months. The report comes ahead of next week's Federal Reserve meeting. While consumer inflation has cooled, the latest figures remain well above officials' two percent target and could prompt further action. Companies with big moves after earnings reports included Amazon, up 6.8 percent; Intel, up 9.3 percent; Chevron, down 6.7 percent; and Ford, down 12.3 percent. JPMorgan Chase dropped 3.6 percent after the bank disclosed that Chief Executive Jamie Dimon would sell one million shares, his first stock sale since becoming CEO in 2005 Other large banks also fell, with Citigroup, Bank of America and Wells Fargo all losing more than two percent. (AFP)