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Despite fairly positive reports on consumer confidence and personal income on Friday, the major indexes closed down for the week as part of a continuing correction that many market watchers had expected following weeks of stock-market growth.
The University of Michigan's monthly report on consumer confidence for June was stronger than many expected, and the Commerce Department reported a personal income increase of 0.3% for May. But poor earnings news prompted many investors to take a breather from a three-month rally, producing the first down week since mid-May but leaving Wall Street on track for a stellar second quarter.
However, the InformationWeek 100 ended the week on an up note, rising 4.08, or 1.7%, to 250.82. That reduced the index's loss for the week to 0.5%. The Nasdaq 100 tracking stock fell 39 cents, or 1.3%, on Friday to $29.83 as more than 82.3 million shares changed hands. The tech-laced Nasdaq Composite fell 8.73 points, or 0.5%, to 1,625.28.
The broader indexes also ended the week on the down side. The Dow Jones industrials fell 89.99, or 0.99%, to 8,989.05, while the Standard & Poor's 500 fell 9.60 points, or 0.97%, to 976.22. Part of the session's volatility was due to end-of-quarter portfolio tweaking by money managers hoping to make financial statements look better before the second quarter wraps up on Monday.
For the week, the Dow fell 2.3%, the Nasdaq lost 1.2%, and the S&P dropped 1.96%. But all three are on track to post solid gains for the second quarter.