Friday's activity helped both the Nasdaq Composite and the S&P 500 end a two week losing streak. The Dow Jones industrial average sill posted a decline, making it the index's third consecutive weekly decline. For the week the Nasdaq added 1.5%, the S&P added 0.5%, and the Dow dropped 0.5%.
Trading volume on Friday was among the lowest of the year with about 4.9 billion shares compared to the daily average of about 6.3 billion shares so far this year.
August has been a rocky month for the market mostly due to concerns that the Federal Reserve will soon start to pull back on economic stimulus. Stocks fell hard on Wednesday after the Federal Reserve disclosed that top officials were mostly in agreement that the central bank should end their bond-buying program. The Dow Jones industrial average fell 105 points that day making it the index's sixth straight decline, the longest losing streak since July 2012. The Dow is still up 14 percent for the year.
On Thursday trading was halted on the Nasdaq exchanged for one of the longest shutdowns the exhange has had. It lasted for about thour hours effecting companies like Apple Inc. (Nasdaq: APL), and Facebook, Inc. (Nasdaq: FB).
Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.
Notables this week include: Microsoft Corporation (Nasdaq: MSFT) whos shares rose after Ballmer announced retirement.
Pandora Media, Inc. (NYSE: P) shares fell after the company reported a disappointing profit outlook for the current quarter.
Autodesk, Inc. (Nasdaq: ADSK) shares soared and hit their highest level since April of last year.
Aeropostale, Inc. (NYSE: ARO) shares fell after the company reported dismal quarterly results and a pessimistic outlook.
Abercrombie & Fitch Co. (NYSE: ANF) shares also sank due to sluming sales after reporting.
Staples, Inc. (Nasdaq: SPLS) shares dropped after the company reported earnings and sales that missed expectations and slashed its full-year profit forecast.
American Eagle Outfitters, Inc. (NYSE: AEO) and Urban Outfitters Inc. (Nasdaq: URBN) both cut their outlook.
Lowe's Companies Inc. (NYSE: LOW) was a big gainer in the S&P 500 this week after the company said it earned 88 cents per share in the period ending Aug. 2, ahead of financial analysts' expectations of 79 cents per share.
In the OTC market, Wild Craze, Inc. (OTCBB: WILD) announced that they have opened a new sales and distribution center in Oakville, Ontario, located outside of Toronto, to expand its existing business in Canada.
AMR Corporation (OTC: AAMRQ) announced on Friday that they have urged a judge to approve its plan to exit bankruptcy protection by merging its American Airlines (AAMRQ) with US Airways Group Inc. (LCC).
The Alkaline Water Company Inc. (OTCBB: WTER) announced on Friday an agreement and immediate placement with Bashas' Supermarkets throughout Arizona.
Patriot Coal Corporation (OTC: PCXCQ) announced it has won court approval of a hard-fought agreement with the mining company’s union, paving the way toward an exit from bankruptcy this year. The stock traded over 5 million shares.
Eastman Kodak Co. (OTC: EKDKQ) received court approval on Tuesday for its plan to emerge from bankruptcy as a much smaller digital imaging company.
Blue Calypso, Inc., (OTCBB: BCYP) dismissed its patent infringement action against LivingSocial, Inc. pursuant to the terms of an otherwise confidential settlement and license agreement.
Virtual Sourcing, Inc. (OTC: PGCX) announced that it is embarking on an ambitious $15-20 million acquisition plan.
Globalstar Inc. (OTC: GSAT) announced it has met all of the conditions precedent necessary for the effectiveness of the Amended and Restated COFACE Facility Agreement. Shares closed up 2.21%.