Intel forecast, oil prices send stocks downward

first_imgNEW YORK – Stocks fluctuated before closing slightly lower Friday after a Federal Reserve governor’s upbeat comments on inflation helped ease worries about a bleak forecast from Intel Corp. The major indexes finished mixed for the week. The market first fell on Intel’s news, but rallied after Fed Vice Chairman Roger Ferguson suggested that core price inflation was under control and hinted at a moderating fiscal policy from the central bank. An afternoon rise in oil prices – which fed Wall Street’s concerns about inflation – eroded those gains. Meanwhile, news that the nation’s service sector grew faster than expected last month countered a drop in consumer confidence, lending some stability to a market stifled recently by concerns about more interest rate increases and rising energy costs. “In general, there’s still a decent amount of momentum coming off the start of the year, which typically tends to support the market,” said Steven Goldman, chief market strategist for Weeden & Co. “Stocks should hold up well assuming we don’t get a sharp rise in long-term (bond) rates here.” 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECasino Insider: Here’s a look at San Manuel’s new high limit rooms, Asian restaurant At the close of trading, the Dow Jones industrial average lost 3.92, or 0.04 percent, to 11,021.59. Broader stock indicators also finished lower. The Standard & Poor’s 500 index dropped 1.91, or 0.15 percent, to 1,287.23, and the Nasdaq composite index slid 8.51, or 0.37 percent, to 2,302.60. last_img

Leave a Reply

Your email address will not be published. Required fields are marked *