Stocks End First Week of 2005 Down

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Stocks ended the first week of 2005 lower, as jobs data came in close to expectations and Wall Street showed caution ahead of a fresh crop of earnings reports next week.


The Dow Jones Industrial Average was down 18.92 points, or 0.2 percent, to end at 10,603.96. The Standard & Poor’s 500 index dipped 1.70 points, or 0.1 percent, to settle at 1,186.19. The Nasdaq Composite Index was down 1.39 points, or 0.1 percent, to finish at 2,088.61.


Among local movers, Unocal Corp. gained 3 percent to $45.46 amid speculation that China National Offshore Oil Corp., China’s third-biggest oil company, may bid more than $13 billion for the El Segundo-based oil and natural gas producer.


Beverly Hills-based Hilton Hotels Corp. gained 1 percent to $22.51 on news that its largest shareholder, Mason Hawkins, took advantage of the bull market by selling his entire stake, according to a regulatory filing. Southeastern Asset Management Inc., the investment advisory firm founded by Hawkins, owned 53 million shares, equal to 13.7 percent of Hilton’s common stock outstanding.


On the down side, L.A.-based Hanmi Financial Corp. lost 1.9 percent to $36.38 after it announced that Dong Il Kim, the bank’s chief credit officer, had submitted his resignation, effective Jan. 13. Kim, previously with Pacific Union Bank, joined Hanmi at the time of its merger with Pacific Union Bank in April 2004.


And on the interactive game front, Santa Monica-based Activision Inc. slipped 3.4 percent to $18.49 and Calabasas Hills-based THQ Inc. dropped 3.4 percent to close at $20.11.

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