US Stocks Drop Friday, Score Solid Gains

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US Stocks Drop Friday, Score Solid Gains

US stocks closed lower on Friday as investors shrugged off a report of strong jobs data, which had provided a lift earlier in the day and turned to fresh concerns on Greece.

Gold prices and treasury bonds dropped while the dollar climbed against the major currencies, as investors bet that the stronger-than-expected data would keep the Federal Reserve on course to increase interest rates some time this year.

Market Watch reported that the S&P 500 dropped 0.3% or 7.05 points closing at 2,055.47 on Friday. This left the benchmark up 3% for the week, representing the largest weekly gain since mid-December despite it being down 0.2% for the year.

The Dow Jones Industrial Average dropped 0.3% or 60.59 points to 17,824.29 on Friday. This put the blue-chip barometer higher 3.8% for the week, the largest weekly percentage gain since January 2013.

The Nasdaq Composite Index dropped 0.4% or 20.70 points ending at 4,744.40. The index, which is tech heavy, gained 2.4% for the week, and it is up 0.2% this year.

Jason Weisberg, managing director at Seaport Securities Corp was quoted by The Wall Street Journal as having said, “The story today is the market has had a great week, and it’s OK to blow off a little steam.”

Brian Fenske, head of sales trading at ITG said, “People have been ignoring negative news about Greece this week, and today’s downgrade is a delayed reaction that further problems with Green can destabilize the euro. There is also concern that the market is tippy. A lot of fundamental investors are afraid to buy stocks when earnings estimates have come down.”

To contact the reporter of the story: Jonathan Millet at john@forexminute.com