Concerns about banks and a disappointing drop in revenue at General Electric halted a broad market rally Friday, but spared the technology sector. Thanks to a surge that sent the shares of Google Inc. up more than 11 percent, the tech-focused Nasdaq composite index rose by more than 1 percent.
Stocks jumped early after Federal Reserve Chairman Ben Bernanke reiterated that the central bank is ready to do more to stimulate the economy. But that burst of optimism couldn't fully overcome worries about how Bank of America Corp., JPMorgan Chase & Co. and other banks have handled home mortgage foreclosures. Both banks, along with General Electric Co., were the primary culprits in sending the Dow Jones industrial average down.
The Dow fell 31.79, or 0.29 percent, to 11,062.78. It had been up as much as 47 points shortly after the opening bell. It was up 0.5 percent for the week. The Nasdaq jumped 33.39, or 1.37 percent, to 2,468.77. It was up 2.8 percent for the week. The Standard & Poor's 500 index rose 2.38, or 0.2 percent, to 1,176.19. It was up 1 percent for the week.