Stocks drifted to a mixed finish Friday as Wall Street worried about the impact of high oil prices on the nation's trade deficit and Intel's bullish sales forecast prompted some profit-taking. The major indexes also were mixed for the week.
Investors were concerned that high oil prices, which helped boost the April trade deficit by 6 percent, would further weigh on the economy and drag on stocks. According to the Commerce Department, the trade deficit rose to $56.96 billion, from $53.56 billion in March. While that was a smaller increase than expected, oil imports rose to the second-highest level on record -- enough to raise concerns that high oil prices would weigh on consumer spending as well as business costs.
Despite Federal Reserve Chairman Alan Greenspan's relatively positive assessment of the economy on Thursday, Wall Street's economic worries were not assuaged, and many investors were hoping for better news from second-quarter earnings and, ideally, stronger economic data in the weeks ahead.
The Dow Jones industrial average rose 9.61, or 0.1 percent, to 10,512.63.
Broader stock indicators lost ground. The Standard & Poor's 500-stock index fell 2.82, or 0.2 percent, to 1198.11, and the Nasdaq composite index lost 13.91, or 0.7 percent, to 2063.00.
The Dow ended the week up 51.66, or 0.5 percent. The S&P 500 gained 2.09, or 0.2 percent. The Nasdaq fell 8.43, or 0.4 percent, during the week.
Friday's economic news stole momentum from Intel's mid-quarter update, in which the company boosted its revenue forecast. Intel is seen as a barometer for the rest of the technology sector, but the widely expected news failed to lift its stock.
General Motors climbed 8.5 percent, or $2.70, to $34.51, after the Wall Street Journal reported that the United Auto Workers are willing to work with the nation's largest carmaker to help rein in costs.
Intel fell 72 cents, to $26.98, despite raising its revenue forecast. Investors apparently haven't bought into the idea of a chip resurgence. "Buy on the rumors, sell on the fact," said Sam Stovall, chief investment strategist at Standard & Poor's. Intel rival Advanced Micro Devices fell 64 cents, to $17.57. Texas Instruments fell 65 cents, to $27.38.
Citigroup fell 4 cents, to $47.64, after the nation's largest financial institution announced it will pay $2 billion to settle lawsuits related to its handling of the Enron scandal. The money will go to investors who bought Enron stock and bonds, which Citigroup managed. The company said it had enough in its legal reserve to cover the costs.
New York Stock Exchange composite index fell 11.84, to 7200.29.
American Stock Exchange index fell 3.56, to 1527.79.
Russell 2000 index of smaller-company stocks rose 0.10, to 626.33.
NYSE: 1.25 billion shares, down from 1.43 billion on Thursday. Advancers narrowly outnumbered decliners.
Nasdaq: 1.44 billion shares, down from 1.65 billion. Decliners outnumbered advancers 9 to 8.
Crude oil for July delivery: $53.54, down 74 cents.
Gold for current delivery: $427.40 a troy ounce, up from $424.20 on Thursday.