WASHINGTON (dpa-AFX) - After moving modestly higher over the course of the three previous sessions, stocks saw notable weakness during trading on Friday. Renewed concerns about the financial situation in Greece contributed to the pullback by the markets.
Steel stocks turned in some of the market's worst performances on the day amid concerns about the outlook for global demand. The NYSE Arca Steel Index tumbled by 3.1 percent, pulling back further off the six-month closing high it set last Friday.
Considerable weakness was also visible among semiconductor stocks, a reflected by the 2.1 percent loss posted by the Philadelphia Semiconductor Index. The loss by the index came after it ended the previous session at its best closing level in eight months.
Gold stock also saw significant weakness, moving lower along with the price of the precious metal. With gold for April delivery falling $15.90 to $1,725.30 an ounce, the NYSE Arca Gold Bugs Index ended the day down by 1.7 percent.
Most of the other major sectors also moved to the downside on the day, reflecting broad based selling pressure. Housing, chemical, oil, and banking stocks posted notable losses.
The major averages moved to the upside going into the close but still ended the day firmly in the red. The Dow slid 89.23 points or 0.7 percent to 12,801.23, the Nasdaq fell 23.35 points or 0.8 percent to 2,903.88 and the S&P 500 dropped 9.31 points or 0.7 percent at 1,342.64.
With the losses on the day, the major averages all closed modestly lower for the week. The Dow fell by 0.5 percent, while the Nasdaq and the S&P 500 edged down by 0.1 percent and 0.2 percent, respectively.
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