September 05, 2008
US STOCKS-Wall Street cuts losses as financials bounce
ReutersNEW YORK (Reuters) - U.S. stocks pared losses involatile trade Friday, and the Dow briefly turned positive,as financial shares rose on short-covering, offsetting concernsabout the economy after a bleak labor market report.
The beaten-down financial sector bounced as investorspulled money out of commodity, energy and technology sectors.
The Dow Jones industrial average fell 2.60 points,or 0.02 percent, to 11,185.63. The Standard & Poor's 500 Indexdropped 3.41 points, or 0.28 percent, to 1,233.42. TheNasdaq Composite Index shed 11.15 points, or 0.49percent, to 2,247.89. (Reporting by Ellis Mnyandu; Editing by Leslie Adler)