Stocks Finished Mixed Friday, Lose Ground for the Week

By VICTOR REKLAITIS,
INVESTOR’S BUSINESS DAILY 

Stocks finished mixed Friday, as the Dow Jones industrial average and S&P 500 turned negative around mid-afternoon. The main indexes shook off early losses to trade in positive territory around midday, but then finished well off their session peaks.

The Nasdaq edged up fractionally for the session, while the Dow and S&P 500 both lost 0.3%. Volume decreased from Thursday’s levels on both main exchanges, according to early data. The indexes all sustained losses for a second straight week, as the market correction continued.

Among IBD 50 stocks, Buffalo Wild Wings (BWLD) jumped 5% Friday in active turnover. The sports-bar chain regained its 50-day moving average. It appears to be working on a new base.

Dick’s Sporting Goods (DKS) lost 2% in big trade, but it had been down as much as 4%. The retailer closed below its 50-day line for the first time since January. Dick’s plans to report quarterly earnings Tuesday. It has a strong IBD Composite Rating of 95, but isn’t part of the latest IBD 50 list.

Headlines were mixed Friday. JPMorgan’s (JPM) report of a massive trading loss late Thursday weighed on the market. On the upside, a consumer sentiment figure improved more than expected, and an inflation-related figure showed a decline.

On Monday, Agilent Technologies (A) and Groupon (GRPN) are among the companies slated to report quarterly earnings. Agilent sports a mediocre IBD Composite Rating of 60, while Groupon’s is a 15, near the worst-possible 1.

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