Stocks Dip on Modest Profit Taking

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Stocks closed lower on Friday as investors took profits after Wall Street posted its best week since November.


The Dow Jones Industrial Average fell 21.28, or 0.2 percent, to 10,471.91. The Standard & Poor’s 500 Index fell 1.80, or 0.2 percent, to 1,189.28. The Nasdaq Composite Index gained 3.84, or 0.2 percent, to 2,046.42.


With few earnings reports and no new economic data to encourage buying, there was little momentum for investors to continue the week’s rally. The major indexes have risen more than 3 percent since last Friday’s close, boosted by encouraging economic data and falling oil prices.


Among local companies, shares of NetSol Technologies Inc. rose 5.1 percent to $2.05 after the Calabasas-based financial technology services company announced that its subsidiary, CQ Systems, had signed an agreement with Fiserv CBS Worldwide. CQ’s software will become part of Fiserv CBS Worldwide’s portfolio, used by retail financial services clients in 42 countries.


Guitar Center Inc. shares fell 0.8 percent to $54.71 after the Westlake Village-based music instrument retailer’s stock was rated “outperform” in new coverage by analyst Reed A. Anderson at Friedman Billings Ramsey & Co.


And EMAK Worldwide Inc. lost 0.8 percent to $10.30 after the L.A.-based marketing services company said late Thursday that the company’s president and chief executive, Don Kurz, had resigned. Stephen Robeck, non-executive chairman, will serve as interim chief executive while the company searches for a replacement.

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