Dow closed near 12100....
The S&P 500 posted its best week in nine on Friday as the market defied calls for a pullback, and investors rotated into defensive and lagging sectors in a move that could intensify in coming weeks.
Signs of improvement in the economy and strong corporate earnings have propelled stock prices, but tapering volume, meager gains and declining numbers of advancing stocks pointed to waning buying interest at the end of the week.
January's employment data had a limited impact as job creation was weak but the unemployment rate fell, leaving many investors unsure how to interpret the report.
Sectors that have posted strong gains recently, such as energy, materials and industrials, showed signs of profit-taking as investors shifted to consumer discretionary and technology shares.
"The market has been getting more selective and the rotation is important," said Wayne Kaufman, chief market analyst at John Thomas Financial in New York. "I'm not sure people have it completely figured out yet."
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,092.15 |
|---|---|
| Trade Time: | 4:02PM EST |
| Change: |  29.89 (0.25%) |
| Prev Close: | 12,062.26 |
|---|---|
| Open: | 12,061.73 |
| Day's Range: | 12,025.78 -12,092.42 |
| 52wk Range: | 9,596.04 -12,125.40 |
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