Dow slips to worst week of 2013 - 13 WTHR Indianapolis

Dow slips to worst week of 2013

Updated:
NEW YORK CITY -

 

The stock market is in the summer doldrums and investors hope it'll begin to snap out of its slump today.

Stocks fell Friday, closing out the worst week of the year for the Dow Jones industrial average and the second-worst week for the S&P 500 index.

The market was dragged lower by a weak performance from retailers and companies sensitive to higher interest rates.

The possibility of a cutback in the Federal Reserve's massive bond-buying program in September is affecting the bond market and that in turn has spilled over into stocks. The yield on the benchmark 10-year Treasury note rose to 2.83 percent by the end of last week, its highest level since July 2011.

On Friday, the S&P 500 lost five points, or 0.33 percent, to 1,655. The Dow fell nearly 31 points, or 0.2 percent, to 15,081. And the Nasdaq composite lost three points, or 0.1 percent, to 3,602.78.

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