Major Averages Close Mixed, Near The Unchanged Line

(RTTNews) - After trending lower over the past few sessions, stocks showed a lack of direction throughout the trading day on Friday. Uncertainty about the outlook for the Federal Reserve's stimulus program contributed to the choppy trading on Wall Street.

While bargain hunting contributed to early strength on Wall Street following three days of losses, buying interest waned not long after the open.

Traders continued to express concerns about the outlook for the Fed's asset purchase program after the House voted to approve a bipartisan budget bill to keep the U.S. government operating for the next two fiscal years.

Most of the major sectors ended the day show only modest moves, contributing to the lackluster close by the broader markets.

While some strength was visible among tobacco and telecom stocks, oil stocks moved to the downside amid a decrease by the price of crude.

The major averages bounced back and forth across the unchanged line before closing mixed. While the S&P 500 edged down 0.18 points or less than a tenth of a percent to 1,775.32, the Dow inched up 15.93 points or 0.1 percent to 15,755.36 and the Nasdaq crept up 2.57 points or 0.1 percent to 4,000.98.

For the week, the major averages all moved to the downside. The Dow dropped by 1.7 percent, while the Nasdaq and the S&P 500 slid by 1.5 percent and 1.6 percent, respectively.