Stocks fell on Friday, pressured by disappointing quarterly results in the tech sector and weak consumer sentiment data.
The decline came a day after a rally took the Dow industrials <.DJI> above the 9,000 level for the first time since early January.
Tech stocks fell after Microsoft Corp
Online retailer Amazon.com
Microsoft's and Amazon's results make me a little more bearish on the rest of the earnings season, said Christopher Zook, the chairman and investment chief of CAZ Investments in Houston.
The Dow Jones industrial average <.DJI> slipped 24.87 points, or 0.27 percent, to 9,044.42. The Standard & Poor's 500 Index <.SPX> fell 3.87 points, or 0.40 percent, to 972.42. The Nasdaq Composite Index <.IXIC> lost 20.33 points, or 1.03 percent, to 1,953.27.
The market's mood also soured after a report showed U.S. consumer confidence waned in late July to its lowest reading since April, according to the Reuters/University of Michigan Surveys of Consumers.
The sentiment data doesn't surprise me. People are still concerned, Zook said. There's a lot of unemployment and talk of further unemployment with the new minimum wage laws. You can't jack up pay and not see an effect from that.
Dow component American Express
Schlumberger's stock fell 3.3 percent to $55.87, while Black & Decker shares climbed 7.9 percent to $36.39.
U.S. Treasury Secretary Timothy Geithner testified that he was willing to work with lawmakers on shaping an overhaul of financial regulations, insisting that major changes were necessary.
Geithner, Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corp Chairman Sheila Bair are testifying before the U.S. House Financial Services Committee on regulatory reform.
On Thursday, the S&P 500 closed at its highest level since Election Day in November, while the Nasdaq marked a winning streak of 12 straight days, its longest run since 1992.
(Editing by Jan Paschal)