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Wall Street faces annual losses despite solid gains for week

Trader Andrew Silverman works on the floor of

Trader Andrew Silverman works on the floor of the New York Stock Exchange, Thursday. Photo Credit: AP/Richard Drew

Wall Street capped a week of volatile trading Friday with an uneven finish and the market's first weekly gain since November.

Losses in technology, energy and industrial stocks outweighed gains in retailers and other consumer-focused companies. Stocks spent much of the day wavering between small gains and losses, ultimately unable to maintain the momentum from a two-day winning streak.

Even so, the major stock indexes closed with their first weekly gain in what's been an otherwise painful last month of the year. The Dow Jones Industrial Average and S&P 500 rose more than 2 percent for the week, while the Nasdaq added nearly 4 percent. The indexes are still all down around 10 percent for the month and on track for their worst December since 1931.

"It seems like convulsions in either direction have been the real norm for much of December and that's certainly been the case this week," said Eric Wiegand senior portfolio manager for Private Wealth Management at U.S. Bank. "We have still a number of issues overhanging the market."

Investors have grown worried that the testy U.S.-China trade dispute and higher interest rates would slow the economy, hurting corporate profits. 

On Friday, the S&P 500 index fell 3.09 points, or 0.1 percent, to 2,485.74. The Dow Jones Industrial Average dropped 76.42 points, or 0.3 percent, to 23,062.40. The average had briefly climbed to 243 points.

The Nasdaq added 5.03 points, or 0.1 percent, to 6,584.52. The Russell 2000 index of smaller-company stocks climbed 6.11 points, or 0.5 percent, 1,337.92.

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