Surging oil prices pulled stocks sharply lower for a third straight session Friday, with bland earnings at General Electric Co. and weak consumer data further dampening the economic outlook, the Associated Press reports. The Dow Jones industrial average shed 396 points in the past three days.
According to preliminary calculations, the Dow tumbled 106.94, or 0.99 percent, to 10,739.35. The blue-chip index fell more than 121 points Wednesday and lost almost 167 points Thursday, and is just 21 points from turning negative for 2006. Broader stock indicators also declined. The Standard & Poor’s 500 index dropped 6.09, or 0.49 percent, to 1,236.20; the Nasdaq composite index declined 16.76, or 0.82 percent, to 2,037.35, a 14-month low.
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Today’s Winners & Losers
Hi-Shear Technologies Corp. dropped another 8.25 percent to close at $13.90 while IMPCO Technologies lost 5.3 percent to close at $9.52 and KB Home lost 4.2 percent and ended the week at $39.92.
Today’s winners were THQ Inc. which gained 5.5 percent to close at $21.33 along with First National Bancorp gaining 4.7 percent to close at $94.01. Activision Inc. ended the day up 3.5 percent and closed the week out at $11.29 a share.