Stocks end the week a bit lower

A rise in oil prices in the afternoon caused stocks to dip.
NEW YORK (AP) -- Stocks fluctuated before closing slightly lower Friday after a Federal Reserve governor's upbeat comments on inflation helped ease worries about a bleak forecast from Intel Corp. The major indexes finished mixed for the week.
The market first fell on Intel's news, but rallied after Fed Vice Chairman Roger Ferguson suggested that core price inflation was under control and hinted at a moderating fiscal policy from the central bank. An afternoon rise in oil prices -- which fed Wall Street's concerns about inflation -- eroded those gains.
Meanwhile, news that the nation's service sector grew faster than expected last month countered a drop in consumer confidence, lending some stability to a market stifled recently by concerns about more interest rate increases and rising energy costs.
"In general, there's still a decent amount of momentum coming off the start of the year, which typically tends to support the market," said Steven Goldman, chief market strategist for Weeden & amp; Co. "Stocks should hold up well assuming we don't get a sharp rise in long-term [bond] rates here."
Ending numbers
At the close of trading, the Dow Jones industrial average lost 3.92, or 0.04 percent, to 11,021.59.
Broader stock indicators also finished lower. The Standard & amp; Poor's 500 index dropped 1.91, or 0.15 percent, to 1,287.23, and the Nasdaq composite index slid 8.51, or 0.37 percent, to 2,302.60.
Bonds fell for a third session, with the yield on the 10-year Treasury note rising to 4.69 percent from 4.64 percent late Thursday. The dollar was mixed against other major currencies, while gold prices tumbled.
Crude futures advanced as heightening political tension overseas created supply fears for the energy market. A barrel of light crude added 31 cents to settle at $63.67 on the New York Mercantile Exchange.
The Institute for Supply Management said its nonmanufacturing index climbed 3.3 points to 60.1, versus economists' expectation of 58. Meanwhile, the University of Michigan reported its consumer sentiment index slipped 0.7 points to 86.7, while economists had predicted a 0.1-point rise.
Friday's up-and-down trading mirrored the erratic behavior on Wall Street this week as nervous investors reacted sharply to a mix of economic news on the housing market and retail sales, which in turn fed speculation about further rate increases from the Fed.
For the week, the Dow lost 0.36 percent and S & amp;P 500 fell 0.17 percent, while the Nasdaq gained 0.68 percent.
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