| Business

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Stocks slip to weekly loss

Email Newsletters

Sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Saturday, Feb. 22, 2014, 12:01 a.m.

NEW YORK — Stocks slipped on Friday, pushing the market to a weekly loss, as investors assessed the latest round of company earnings.

Express Scripts, the largest U.S. pharmacy benefits manager, fell after its fourth-quarter earnings slipped, hurt by the loss of UnitedHealth, a large customer.

Groupon plunged after the online deals company said it expects to post a loss this quarter and issued a weak outlook for the year.

The Standard & Poor's 500 index rose in early trading Friday and had almost wiped out its loss for the year by late morning, climbing to within two points of it record close. By late afternoon the index started to turn lower.

The stock market has gained this month after getting a boost from decent corporate earnings for the fourth quarter and optimism that the economy will start to pull out of its winter slump as the weather improves.

While investors have been willing to overlook much of the weak economic data this month, they appear reluctant to push the stock market back above its recent highs before they see firmer evidence that the economy is sustaining its recovery.

Investors are “giving the economic data points a bit of a free pass, but at the same time they're not fully convinced either,” said Robert Pavlik, chief market strategist at Banyan Partners, a wealth management firm.

The S&P 500 index fell 3.53 points, or 0.2 percent, to 1,836.25.

The index lost 2.38 points for the week and is now 12 points below its record close of 1,848.38, set Jan. 15.

The Dow Jones industrial average fell 29.93 points, or 0.2 percent, to 16,103.30. The Nasdaq composite dropped 4.13 points, or 0.1 percent, to 4,263.41.

Among individual stocks, Express Scripts fell $3.11, or 4 percent, to $74.01 after it reported its results.

Groupon plunged $2.25, or 21.9 percent, to $8.03.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. Black Friday chaos dwindles thanks to earlier deals, online sales
  2. Employers cut back on holiday office parties
  3. $170.4M AmEx charge yields whopping perk for Chinese billionaire
  4. Fuel cell standoff slows car technology’s rise in popularity
  5. Convinced Fed will raise rates in December, investors parse meaning of ‘gradual’ increase
  6. Nimble Regal ready for winter with all-wheel drive
  7. Small stores take big gamble by not upgrading credit card readers
  8. Key gets stuck in ignition
  9. Stop neighbors from stealing your Internet
  10. Stocks close quiet week with little change
  11. Yahoo investors losing patience with ‘star’ CEO Marissa Mayer