Stocks Close Mixed Amid Fiscal-Cliff Jitters
NEW YORK (TheStreet) -- Major U.S. stock averages traded mixed Friday after a better-than-expected November jobs report was tempered by worries about the progress on the U.S. budget talks in Washington and dimmer consumer confidence.
House Speaker John Boehner indicated Friday that there's been no signs of a breakthrough yet on the so-called fiscal-cliff negotiations.
The Nasdaq slumped as the technology sector got hit the hardest in the broad market. Apple (AAPL) shares slid 2.6%. Earlier in the morning, the stock had been extending a mini rebound from the prior session after steep declines this week.
The Dow Jones Industrial Average closed up 81 points, or 0.62%, at 13,155. The blue-chip index completed a third consecutive week of gains, up 1% on the week, after it had started the session up more than 7.5% in 2012.
McDonald's (MCD) shares also moved higher, up 0.44%, after being upgraded to "buy" at Janney Capital.
United Technologies (UTX) shrugged off earlier-session declines and climbed 0.15%, after the company said it reached a mutual agreement with TransDigm (TDG) to terminate the previously announced sale of Goodrich's pump and engine control systems business to TransDigm. TransDigm shares lost 3.8%.
The biggest sector decliners, along with technology, were health care and conglomerates. The bigger gainers included the basic-materials, consumer non-cyclical, financial and energy sectors.