A roundup of trading on major world markets:
NEW YORK – The US stock market closed mostly lower on Friday, capping its first losing week of 2012, after the government reported that economic growth was slower at the end of last year than economists expected.
The Dow Jones industrial average spent the whole of Friday in the red. It ended down 74 points, or 0.6 per cent, at 12,660.46. The loss snapped a three-week winning streak for the Dow, which is still up 3.6 per cent for the year.
The Standard & Poor’s 500 struggled above even with an hour to go in trading, but it lost the gains and finished down 2.10 points at 1,316.33. The Nasdaq composite, which has more than doubled the Dow’s gain for the year, edged up 11.27 to 2,816.55.
Economic growth for October through December came in at an annual rate of 2.8 per cent. That was the fastest of 2011 but lower than the three per cent that economists were looking for.
Trading has been calm in the past four weeks, a big change from the violent moves up and down that marked much of 2011.
Friday was the 17th day in a row of moves of less than 100 points up or down for the Dow. The last time the index had a longer period of such small moves was a 34-day stretch that started December 3, 2010.
LONDON – European stock indices fell back on concerns over Greece’s ability to reduce its massive debt and the release of disappointing US economic growth data.
London’s FTSE 100 index of top shares fell 1.07 per cent to close at 5,733.45 points. Frankfurt’s DAX 30 index was off by 0.43 per cent to 6,511.98 points and in Paris the CAC 40 gave up 1.32 per cent to 3,318.76.
The Spanish stock index was 0.65 per cent lower, and in Milan shares were off by 1.02 per cent.
The euro climbed meanwhile to $US1.3195 from $US1.3104 late in New York on Thursday, to reach its highest level since December 21.
HONG KONG – Asian markets were mixed as tentative hopes that Greece will be able to agree a deal with creditors on writing down some of its debt were capped by underwhelming US economic figures.
Tokyo was flat, edging down 8.25 points to 8841.22, Seoul closed 0.39 per cent higher, adding 7.65 points to 1964.83 and Sydney added 0.40 per cent, or 17.1 points, to 4288.4.
Hong Kong was 0.31 per cent, or 62.53 points, higher at 20,501.67.
Shanghai and Taipei were closed for a public holiday.
The euro fetched $US1.3086 and 100.88 yen in Tokyo, down from $1.3104 and 101.48 in New York late Thursday.
The dollar was at 77.09 yen, almost unchanged from New York.
WELLINGTON – Wellington closed up 0.40 per cent, or 12.97 points, at 3294.64.
Fletcher Building, which is leading rebuilding efforts in earthquake-hit Christchurch, rose 2.2 per cent to NZ$5.54 after the central bank said the final bill from the disaster would approach NZ$30 billion ($24.5 billion).
