Wall Street finished its worst week of the year with a moderate decline Friday as persistent unease over inflation and interest rates kept investors nervous about buying.
Stocks had appeared to steady themselves in morning trading Friday following several days of heavy losses. But a jump in import prices and increased demand for foreign-made products renewed the market’s inflation jitters and sent stocks sliding by midday.
According to preliminary calculations, the Dow slid 46.90, or 0.43 percent, to 10,891.92, after having been up 37 points earlier in the session. Broader stock indicators also declined. The Standard & Poor’s 500 index fell 5.63, or 0.45 percent, to 1,252.30, while the Nasdaq composite index lost 10.26, or 0.48 percent, to 2,135.06.
–
Read the full Associated Press story
.
LOCAL
The Cheesecake Factory was raised to “outperform” from “market perform” by analyst
Bryan Elliott at Raymond James, with a price target of $32 per share.
Molina Healthcare Inc. was rated “in-line/cautious” in new coverage by analyst
Matthew Borsch at Goldman Sachs & Co.
Univision Communications Inc. was downgraded to “market perform” from “outperform” at William Blair.