Energy companies lead US stock indexes lower

Associated Press

Wall Street capped a week of milestones Friday with a day of listless trading that left U.S. stock indexes mostly lower.

Energy companies declined the most as the price of crude oil fell. Health care stocks posted the biggest gain.

Quarterly results from Microsoft, Starbucks and other big companies continued to be in focus. Bond yields fell after the government reported that the economy lost momentum in the last three months of 2016.

More stocks fell than rose on the New York Stock Exchange. This week all three major indexes set all-time highs, including the Dow Jones industrial average, which held above the 20,000 mark after crossing that threshold for the first time Wednesday.

“We’ve had an OK week,” said Jason Pride, director of investment strategy at Glenmede. “Having a day when you just give back a little bit is not a bad thing.”

The market drifted between small gains and losses through much of the day as investors weighed company earnings and new data on the U.S. economy.

Companies that posted disappointing quarterly results or outlooks for 2017 helped steer the market lower.

Starbucks slid $2.34, or 4 percent, to $56.12 a day after the coffee chain reported weak sales growth and cut its sales forecast for the year.

Chevron also turned in weaker-than-expected results. The oil company was the biggest decliner in the Dow, losing $2.76, or 2.4 percent, to $113.79.