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 Stocks ended mixed on Friday, but managed to cling to weekly gains as investors eyed the economic impact of COVID-19 restrictions in Europe. The S&P 500 fell 0.3% to 3,841. The Dow Jones Industrial Average shed 179 points, or 0.6%, to 30,997, based on preliminary numbers. The Nasdaq Composite was up 0.1% to 13,543, setting a new closing record on Friday. For the week, the S&P 500 rose 1.9%, the Dow gained 0.6%, and the Nasdaq climbed 4.2%. Economic data from Europe reflected the continuing toll from the pandemic, raising concerns the eurozone could enter into another recession. Shares of Schlumberger Ltd. rose after the oil services company topped profit forecasts, and beat revenue expectations for the first time in four quarters.
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U.S. oil futures ended with a loss on Friday to turn lower for the week, pressured by an unexpected climb in U.S. crude inventories as a reported resurgence of cases in China renewed worries about a slowdown in energy demand. March West Texas Intermediate crude fell 86 cents, or 1.6%, to settle at $52.27 a barrel on the New York Mercantile Exchange. Prices lost 0.2% for the week, based on last Friday's settlement of $52.36 for the February contract, which expired on Wednesday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 U.S. stock indexes close moderately lower Friday after posting fresh record highs this week, as lockdown measures in Europe and America to combat the COVID-19 pandemic took an economic toll and President Biden's proposed new round of fiscal stimulus ran into opposition in the Senate.
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Disappointing earnings from technology leaders are responsible for more than half of the Dow Jones Industrial Average's declines on Friday. International Business Machines Corp.'s stock tumbled $13.65, or 10.4%, in morning trading after the IBM reported late Thursday fourth-quarter results, in which adjusted profit beat expectations but revenue missed, with the price decline was shaving about 90 points off the Dow's price. Intel Corp. shares fell $3.52, or 5.6%, to lop about 23 points off the Dow's price, in the wake of the chip maker's fourth-quarter results, which were unexpectedly released before Thursday's closing bell. The combined negative effect on the Dow of IBM and Intel stock price declines was 113 points, while the Dow fell 207 points, or 0.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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