Fri 13 Apr 2012 14:57:01 CT
The June S&P 500 traded lower throughout the morning hours but seemed to stabilize those losses during the afternoon session. Early pressure came from fresh European sovereign debt concerns and slower than expected growth readings in China. Financial shares were the laggards on the session, despite better than expected quarterly results from J.P. Morgan and Wells Fargo prior to the Wall Street open. It's possible that the weakness in the financial sector came as the cost to insure Spanish debt against default rose to an all-time high. A report indicating that borrowing activity in Spain more than doubled in the month of March stoked concerns that sovereign debt crisis in the region was deteriorating. Some traders pointed to this morning's weaker than expected US consumer sentiment data as another downside force. Technology-related shares were down more than 1.0% on the session, weighed down by a 2% decline in Apple. The June S&P finished the week with a loss of a little more than 1.0%.
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