Major Averages Close Firmly In The Red

(RTTNews) - After ending the previous session mixed, stocks moved mostly lower over the course of the trading day on Friday. Selling pressure was relatively subdued, however, limiting the downside for the markets.

While many of the major sectors ended the day showing only modest moves, significant weakness was visible among airline stocks. Reflecting the weakness in the airline sector, the NYSE Arca Airline Index dropped by 1.8 percent.

Brazilian airline GOL (GOL), United Continental (UAL), and Delta (DAL) turned in some of the sector's worst performances.

Internet, biotechnology, and natural gas stocks also moved to the downside on the day, although selling pressure was somewhat subdued.

On the other hand, gold stocks saw considerable strength, driving the NYSE Arca Gold Bugs Index up by 1.5 percent. The strength in the sector came as gold for April delivery rose $3 to $1,213.10 an ounce.

Notable strength also emerged among oil service stocks, which moved higher along with the price of crude oil. Crude for April delivery jumped $1.59 to $49.76 a barrel.

The major averages all ended the day firmly in negative territory. The Dow slid 81.72 points or 0.5 percent to 18,132.70, the Nasdaq fell 24.36 points or 0.5 percent to 4,963.53 and the S&P 500 dropped 6.24 points or 0.3 percent to 2,104.50.

For the week, the major averages turned in a mixed performance. The Nasdaq crept up by 0.2 percent, while the Dow edged down by less than a tenth of a percent and the S&P 500 slipped by 0.3 percent.