Stocks end week with decline

Associated Press

A turbulent week of trading ended Friday with U.S. stocks finishing lower for the third time in five days.

The decline followed two days of big gains and nudged major indexes lower for the year.

A slide in oil prices deepened, stoking concerns about global economic growth. Energy stocks tumbled, extending their losses for the year.

Investors also were discouraged by weak U.S. wage growth in December, despite another strong increase in hiring.

“We finally got the jobs growing,” said Erik Davidson, chief investment officer of Wells Fargo Private Bank. “Now people are looking through that at the actual wage-growth numbers, and they want to see improvement on wages, which obviously would spur demand and consumer confidence.”

The Standard & Poor’s 500 index shed 17.33 points, or 0.8 percent, to 2,044.81. The index is now down 0.7 percent for the year.

The Dow Jones industrial average slid 170.50 points, or about 1 percent, to 17,737.37. The Dow has fallen 0.5 percent this year.

A combination of positive U.S. economic news, hopes for stimulus from Europe’s central bank and renewed confidence that the Federal Reserve will keep supporting the economy helped push stocks higher in the middle of the week after a tough start to the year.

But by Friday, the jobs data and a renewed decline in oil prices put traders in a selling mood once again.

U.S. crude fell 43 cents, or 0.9 percent, to close at $48.36 a barrel in New York on further evidence that OPEC will not cut production in an effort to support prices.