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The US stocks fell, pulling benchmark indices down from a one-year high, as General Electric and Bank Of America reported disappointing results. Consumer confidence for the month of September was below economists' estimates. The dollar also rose for the first time in five days and treasuries gained.
US stocks however managed to close the week in positive territory, up about 1% or greater. The Dow Jones industrial average settled above the 10,000-level twice this week, reaching its highest close in a year.
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The Dow was down 67.03 points, or 0.7%, to 9,995.91. The S&P 500 index fell 8.88 points, or 0.8%, to 1,087.68, and the Nasdaq Composite Index fell 16.49 points, or 0.8%, to 2,156.80.
Crude oil climbed to a one-year high at USD 78.67 to a barrel as increasing US industrial production bolstered optimism that the economic recovery will accelerate. Oil was up for a seventh day after a Federal Reserve report showed a 0.7% increase in output at factories, mines and utilities last month.
Crude futures climbed 9.4% this week, the most in almost two months, after the department of energy said US Gasoline inventories fell by 5.23 million barrels last week, the biggest drop in a year.
The dollar advanced from almost a 14-month low against the euro after some investors bet that the currency's four-day decline to that level was overstated. The US currency was headed for a second straight weekly drop versus the euro on speculation the Federal Reserve will follow other central banks in boosting interest rates. The dollar index climbed 0.2% to 75.6. The index was on course for a second weekly drop and is down 7% in 2009.
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Tags: US markets, Wall Street, Nasdaq, S&P 500, Dow, General Electric, Bank Of America, BoA, dollar, Crude , Federal Reserve
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