U.S. stocks fell Friday, with the S&P 500 retrenching after hitting a seven-month high yesterday. Energy and commodity shares are lower along with the price of crude and gold. The Dow Jones Industrial Average fell 33 points to 8,736. The S&P 500 Index dropped 5 points to 939, while the Nasdaq Composite declined 13 points to 1,848. Most of the market is lower except for the financials. Bank of America is jumping 4% on an upgrade with a $22 price target. JP Morgan is higher ahead of repaying the TARP next week. Blackrock is making a bold move to acquire the asset management division of Barclays for $13.5 billion. Ameriprise is lower by 4% after issung more shares for a possible acquisition. REIT, East Group Properties is up 2% on an upgrade. Hartford is lower by 6% after agreeing to accept government money. Progressive is lower even though they announced a 50 million share buyback. The tech sector is lower. Research in Motion is lower on an upgrade. Microsoft and Red Hat are flat on upgrades. Railroad companies, CSX and Burlington Northern Santa Fe are higher thanks to upgrades. Clorox is higher on an upgrade. Saks is jumping 11% on an upgrade. After the first half an hour, the Dow was lower by 50 points. The Nasdaq declined 28 points. After the first hour, the Dow recovered all its losses thanks to strength in Boeing, Bank of America, P&G, and Merck. Consumer confidence jumped to a 9 month high. The Nasdaq remained in the red by 15 points. In the afternoon, more of the same. The Dow continued to hug the flat line. The Nasdaq was down 20 points. Entering the last hour, the Dow pushed into the green. The Nasdaq improved. Then the averages sold off only to rebound into the close. The Dow Jones Industrial Average finished up 28 points at 8,799, up 0.04% for the week. The S&P 500 Index added a point to close at 946, up 0.7% from the week-ago close. The Nasdaq Composite fell 3 points to finish at 1,858, off 0.5% for the week.
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