U.S. stocks opened lower Friday after a five-session winning streak that pulled two key equity averages out of correction territory.
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Shortly before the opening bell the Labor Department reported that, as of December, inflation was 2.2 percent, on a year-over-year basis.
American equities appeared caught in a downdraft of European stocks. London’s FTSE traded down 0.5 percent, Germany’s DAX fell 0.8 percent and France’s CAC was off 0.9 percent.
China’s shanghai Composite up 0.74 percent.
Hong Kong’s hang Seng finished the day higher by 0.55 percent,
Japan’s Nikkei closed the session with a 1 percent gain. up 0.97 percent. For the week, it added 4.1 percent.
|I:DJI||DOW JONES AVERAGES||23819.21||-182.71||-0.76%|
|I:COMP||NASDAQ COMPOSITE INDEX||6951.3466||-34.72||-0.50%|
Initially, downbeat company reports held sway; but by the market’s close, stocks had booked their fifth straight day of gains.
The week of daily market gains resulted in two major equity averages, the Dow Jones Industrial Average and the S&P 500, exiting correction territory.