U.S. equities give up early gains Friday following three days of gains
New York, NY, United States
October 7, 2011 02:59 pm EDT
Economy, Business And Finance, Market And Exchange, Securities
The Dow Jones Industrial Average was off slightly in mid-afternoon trading on Friday following three days of triple-digit gains.
Stocks initially rose in early trading following a better than expected jobs report. But downgrades by Fitch Ratings of Spain and Italy sent the financial sector lower and dragged the rest of the market along.
With about an hour and a half of trading left, the Dow was off 5 points. The NASDAQ was down by 16 points and the S&P 500 Index was down 6 points. Gold lost some of its shine, trading lower by $16 an ounce and the gray metal silver was off 74 cents. Oil was trading up 32 cents at $82.84 a barrel.
Trading was light as traders left early ahead of Saturday's Yom Kippur celebration and Monday's Columbus Day. Markets will be open on Monday, but commodities and the bond market will take the day off.
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