Stocks End Barely Lower With Late Session Rally: Markets Wrap
- Weakness in energy, utilities overwhelms GM profit enthusiasm
- Risks remain as partial shutdown of U.S. government continues
Stocks finished down slightly Friday as a drop in energy shares and mounting concerns about the ongoing government shutdown balanced out strength among carmakers following an optimistic earnings forecast from General Motors Co. Treasuries rose and the dollar was flat, putting it on track for a fourth straight week of declines.
All major equity benchmarks were lower -- barely. The S&P 500 Index saw a late day surge that left it down less than 0.05 percent, its first day in the red in more than a week, as utilities and energy companies retreated with oil tumbling below $52 a barrel. Meanwhile, auto companies gained around 3 percent on GM’s encouraging outlook. The gauge still posted its third straight weekly advance, climbing 2.5 percent. The post-Christmas rally had reached 10 percent before stalling at 2,600, a level it hasn’t topped since mid-December.