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Wall Street closed lower on Friday at the end of a volatile week that pushed major averages close to break-even in the year. Investors welcomed the strong employment report in January; however, fears of a earlier-than-expected Fed hike rate hit risk appetite.
Furthermore, the decision by Standard and Poor's to downgrade Greece's rating from B to B-, fueled fears about the timing in the resolution of the problem of Greece and spurred profit taking in the market.
All sectors finished Friday down for the day. Losers were led by Utilities (-3.49%), Materials (-1.29%) and Telecomm (-0.85%). Financials sector was the less loser of the day with 0.08% decline as a rate hike could push earnings higher. On the week, Energy shares jumped 5.88%, followed by Financials (+4.05%) and Materials (+3.80%).
The story was quite different in the weekly basis as a volatile, but strong, week left major averages close to break-even in the year. The Dow Jones declined 0.34% on the day, but jumped 3.83% on the week to finish at 17,824.29.
The Nasdaq Composite eased 0.43% on Friday, but advanced 2.29% on the week to 4,744.40. The S&P 500 lost 0.34% on the day but rallied 3.03% on the week to 2,055.47. Small caps in the figure of the Russell 2000 closed at 1,205.46 after dropping 0.27% on the day but rising 3.3% on the week.
The star of the day was Twitter $TWTR that its share climbed 16.36% on Friday, adding to an impressive gain of 27.92% in the week. The social media company reported stronger than expected earnings on Thursday and it seems the blue bird is finally performing its 'Facebook moment' after showing solid signs of strength.
Furthermore, the decision by Standard and Poor's to downgrade Greece's rating from B to B-, fueled fears about the timing in the resolution of the problem of Greece and spurred profit taking in the market.
All sectors finished Friday down for the day. Losers were led by Utilities (-3.49%), Materials (-1.29%) and Telecomm (-0.85%). Financials sector was the less loser of the day with 0.08% decline as a rate hike could push earnings higher. On the week, Energy shares jumped 5.88%, followed by Financials (+4.05%) and Materials (+3.80%).
The story was quite different in the weekly basis as a volatile, but strong, week left major averages close to break-even in the year. The Dow Jones declined 0.34% on the day, but jumped 3.83% on the week to finish at 17,824.29.
The Nasdaq Composite eased 0.43% on Friday, but advanced 2.29% on the week to 4,744.40. The S&P 500 lost 0.34% on the day but rallied 3.03% on the week to 2,055.47. Small caps in the figure of the Russell 2000 closed at 1,205.46 after dropping 0.27% on the day but rising 3.3% on the week.
The star of the day was Twitter $TWTR that its share climbed 16.36% on Friday, adding to an impressive gain of 27.92% in the week. The social media company reported stronger than expected earnings on Thursday and it seems the blue bird is finally performing its 'Facebook moment' after showing solid signs of strength.
