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Hitchens leads Zips in second-half comeback
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Silverdome Potentially SOLD!
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Colloquium at University of Akron
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Nintendo's Mario endures even as games come and go
Published on Saturday, Sep 13, 2008
Associated Press
NEW YORK: Stocks finished another volatile session narrowly mixed Friday, as gains in the energy, utilities and materials sectors offset some of Wall Street's angst over the fate of Lehman Brothers Holdings Inc.
The three major indexes all managed to end the week higher.
The troubles of the financial sector dominated trading, as investors tried to glean insights into Lehman's race to sell itself or otherwise regain Wall Street's confidence. The company's shares have fallen this week, heaping pressure on executives at the No. 4 U.S. investment bank to line up a buyer or source of fresh cash.
Lehman shares — which tumbled 42 percent Thursday and are down more than 94 percent for the year — fell another 57 cents, or 13.5 percent, to $3.65 on Friday.
The market is anticipating that Lehman will arrive at a deal this weekend, said Ryan Larson, senior equity trader at Voyageur Asset Management. Lehman, the government and other banks have been declining to comment officially on the issue, but bankers and industry executives have been saying that Lehman is working feverishing to find a buyer.
Closure on the issue would be better than not doing so, but it won't likely be an antidote for the turbulent market, Larson said.
''Once this deal gets done,'' Larson said, ''you'll see sentiment shift to: Who's next?''
An unexpected slowdown at cash registers last month also weighed on the stock market Friday, particularly on shares of retailers and other consumer discretionary stocks. The Commerce Department said retail sales fell by 0.3 percent in August.
The Dow Jones industrial average fell 11.72, or 0.10 percent, to 11,421.99, after falling more than 150 points in the early going.
The Dow finished the week up 1.79 percent; the S&P finished up 0.76 percent; and the Nasdaq ended up 0.24 percent.
Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.73 percent from 3.64 percent late Thursday.
Crude oil rose 31 cents to settle at $101.18 a barrel after briefly crossing below the $100 mark for the first time in five months.
Worries about risky debt have been hitting other financial stocks this week. American International Group Inc. fell $5.41 on Friday, or more than 30 percent, to $12.14, making it by far the biggest decliner among the 30 stocks that make up the Dow Jones industrial average.
Merrill Lynch & Co. fell $2.38, or 12.3 percent, to $17.05, while Washington Mutual Inc. slipped 10 cents, or 3.5 percent, to $2.73. Macy's Inc. fell $1.04, or 4.8 percent, to $20.81, while Best Buy Co. fell $1.51, or 3.3 percent, to $44.49.
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