The S&P 500 lost ground for the third week in a row, as the dollar rose, and lower oil prices hit energy shares. Bobbi Rebell reports.
Stocks taking a step back from the huge gains made on Thursday, tumbling in the final trading day of the week. The S&P 500 fell for the third straight week- in fact for the week all the major indexes were lower. Discouraging investors: the rising dollar dragged down oil prices and raised concerns about corporate earnings. What's more, consumer sentiment fell in early March, and producer prices unexpectedly dropped last month. Economist Bob Brusca says Fed officials should be concerned about the economic outlook. SOUNDTRACK: ROBERT BRUSCA, CHIEF ECONOMIST, FAO ECONOMICS (ENGLISH) SAYING: "Now we see it in this PPI report that the services sector really has prices falling and its kind of an eye opener about how the economy is performing." Ann had its biggest percentage gain this year during Friday's session. The retailer posted a surprise rise in profit and existing store sales when Wall Street was expecting declines. Herbalife shares jumped. Billionaire investor Bill Ackman said some people hired by a consulting group working for his hedge fund, had received subpoenas from federal investigators, looking into possible manipulation of Herbalife stock. Ackman's hedge fund Pershing Square has been betting against herbalife shares, holding a short position, since 2012. Ackman has called it a pyramid scheme. Another big gainer: El Pollo Loco. After the close, the regional Mexican restaurant chain reported sales and a profit outlook that surpassed Wall Street's targets. A number of analysts slashed their price targets on Intel one day after the chipmaker slashed its revenue forecast. In Europe, falling oil and commodities prices weighed on stocks, but the Dax and CAC-40 managed to close higher.