U.S. stocks mostly rose on Friday, with the Dow and S&P rebounding late in the day to end higher as surging oil prices lifted energy stocks and offset a sell-off in technology shares on bets that the slowing economy will sap consumer spending on gadgets.
Wall Street spent much of the session in the red, but financial shares came off their lows after the Wall Street Journal reported that Lloyds Banking Group
During the session, the Dow and S&P touched fresh 12-year lows. But they erased those losses late in the session after the Journal's report on Lloyds.
A 4 percent slide in Apple Inc
Exxon Mobil Corp
The report on Lloyds is more positive news that maybe things are getting cleaned up. I think it's temporary, but it's just incremental news to help the market, said Giri Cherukuri, head trader at OakBrook Investments LLC, which oversees $1.3 billion in Lisle, Illinois.
Cherukuri added that the report spurred bargain hunting.
The Dow Jones industrial average <.DJI> rose 32.50 points, or 0.49 percent, to 6,626.94. The Standard & Poor's 500 Index <.SPX> inched up just 0.83 of a point, or 0.12 percent, to 683.38. But the Nasdaq Composite Index <.IXIC> fell 5.74 points, or 0.44 percent, to 1,293.85.
It was the fourth week of declines for all the indexes, while the broad S&P 500 racked up its worst week since November.
For the week, the Dow lost 6.2 percent, the S&P 500 slid 7 percent, and the Nasdaq dropped 6.1 percent.
JPMorgan cut its price target and profit views on Apple, citing signs that Mac and iPhone volumes have been below expectations.
Apple's stock fell 4 percent to $85.30 on Nasdaq.
Even with the late-day bounce, banks hurt sentiment as investors remained nervous about the fate of the sector at the heart of the global economic crisis. The S&P financial index <.GSPF> ended down 1.4 percent, off its lows, while JPMorgan
Bleak economic news added to the negative tone after a government report showed the U.S. unemployment rate rose last month to 8.1 percent, its highest since December 1983, as 651,000 jobs were cut.
The gloomy jobs picture is disconcerting news for both companies and consumers, whose spending drives corporate profits. The S&P retailers index <.RLX> fell 1.8 percent.
Shares of big-cap technology shares followed Apple's lead, with cell-phone chip and technology supplier Qualcomm
Shares of automaker and Dow component General Motors
On the upside, shares of Dow Chemical
In other M&A activity, Roche Holding AG
(Additional reporting by Rodrigo Campos; Editing by Jan Paschal)