Stocks finished the week with a losing sesion, although the major indexes managed to post weekly gains. Bobbi Rebell reports.
Wall Street edged lower Friday. Dragging down stocks: falling oil prices ahead of a weekend meeting of oil producers to discuss a production freeze. Investors also got negative data on the economy. Industrial output fell more than expected in March, And consumer sentiment declined for the fourth straight month. Kenneth Kamen of Mercadien Asset Management: SOUNDBITE: KENNETH KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT (ENGLISH) SAYING: "You've seen a pretty good bounce back in stocks from certainly the malaise of earlier in the year, so I think that people are not only just taking profits, they're taking a breath at the moment." But stocks closed the week higher, lead by banks. Citigroup joined the parade of big banks reporting big profit drops stemming from weak securities trading. BATS shares jumped on its second time at bat. The exchange finally made its debut after withdrawing its IPO four years ago amid trading glitches. Apple shares falling. It'll keep reducing production of iPhones in the June quarter, according to the business daily, Nikkei. Mitel Networks is buying video-conferencing equipment maker Polycom for nearly $2 billion. In Europe, tumbling auto stocks drove markets lower.