Stocks Mixed, But S&P 500 Hits Five-Year High
NEW YORK (TheStreet) -- Major U.S. stock averages were mixed Friday as the benchmark S&P 500 Index worked its way up to a five-year high.
The S&P 500 climbed 5 points, or 0.3%, to 1,486, bringing its gain to 0.95% this week. Surprisingly bleak U.S. consumer confidence and a lagging technology sector weighed on the markets. Still, the S&P 500 is at its highest close since Dec. 26, 2007.
The Dow Jones Industrial Average closed up 54 points, or 0.4%, to 13,650. The blue-chip index gained 1.2% for the week and finished up six of the past seven days.
Breadth was slightly positive with losers outnumbering winners 21 to nine on the Dow. The most prominent blue-chip percentage decliners were Intel(INTC) , American Express(AXP) , Bank of America(BAC) , Pfizer(PFE) , Hewlett-Packard(HPQ) and Boeing(BA) .
American Express posted a 47% decline in fourth-quarter net income, as the credit card issuer incurred charges related to restructuring costs and other expenses. Adjusted earnings of $1.09 a share topped Wall Street estimates. Shares were off 1.6%.
Boeing shares slid 0.31% on ongoing concerns about the safety of the 787 Dreamliner aircraft.
AT&T said Thursday it would record a $10 billion fourth-quarter charge related to its pension and benefit plans. After trading in the red for much of the morning, the shares recovered some, but fell again in the afternoon session.
The Nasdaq lost 1 point to 3,135. The tech-heavy index rose 0.29% for the week.
Most sectors in the broad market rose. Conglomerates marched higher as General Electric, the largest U.S. conglomerate, advanced. Utilities and energy were also up. Lagging sectors were led by technology, consumer-cyclicals and health care.