Wall Street closed moderately lower Friday, as the late sell-off of financials and industrial stocks overshadowed an advance in retail stocks and commodity stocks.
Dollars hit 2009 lows Friday, as investors turned to commodities on concerns that the U.S. credit rating could be lowered because of its huge debt load. Basic materials and energy stocks posted slight gains.
Moreover, several retailers posting better-than-expected results also boosted market. Sears, the largest U.S. department-store chain, reported an unexpected first-quarter profit. And Gap also beat Wall Street estimates by a penny.
Stocks tumbled most of this week's trading days on fears about how long the economy might take to recover. And investors sold off financials and industrial stocks in the last ten minutes, which dragged down major indexes.
The Dow Jones lost 14.81, or 0.18 percent, to 8,277.32. Broader indexes also moved lower. The Standard & Poor's 500 index slipped 1.33, or 0.15 percent, to 887.00; and the Nasdaq decreased 3.24, or 0.19 percent, to 1,692.01.
Source:Xinhua
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