NEW YORK (MarketWatch) — U.S. stocks made a mild rebound Friday but ended the week lower, as investors looked toward a Federal Reserve meeting next week that could start the curtailment of the Fed's equities-boosting stimulus program.
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The Dow Jones Industrial Average (DJIA) added 15.93 points, or 0.1% to 15,755.36 but was 1.7% lower over the week. The S&P 500 (SPX) closed down 0.18 point at 1,775.32, and finished the week with a 1.7% loss. Both indexes were down for the second week, the first series of such losses since early October.
The Nasdaq Composite (COMP) finished 2.57 points higher at 4,000.98 and was 1.5% lower over the week, its first week of losses in five.
In the absence of significant news, markets are focused on the FOMC meeting next week during which the Fed will decide whether or not it will start winding down the $85 billion a month stimulus program.
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Gains on the S&P 500 were lead by materials and technology sectors on Friday, while energy and telecoms led the losses. Healthcare and telecoms sectors led the weekly losses.
"As we get closer to the Fed meeting next week, we will probably see some more weakness, which is warranted given the gains we had so far," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.
"However, once the meeting is over, we think that the markets will get a relief rally. We view that this December is going to be like many other Decembers, when we will see a Santa boost at the year-end," Detrick added.
The comment: "The markets have priced in the tapering, as we have been talking about it since May when the Fed first hinted it. Sure, there will be volatility next week, but our research indicates that markets are not overly bullish," said Detrick of Schaeffer's Investment Research
Today's movers & shakers: Shares in Adobe Systems Incorporated (ADBE) closed up 13% after the company reported quarterly results after the close on Thursday. Fourth-quarter earnings per share fell to 13 cents; however, Creative Cloud subscribers rose by more than expected to 1.4 million. Electronic Arts Inc (EA) rallied 6%. Twitter (TWTR) shares rose 6.6% after it reversed earlier changes to the way the 'block' function works, following outcry from users. Among decliners, Anadarko Petroleum Corporation (APC) shares sunk 6.4% after a U.S. bankruptcy judged ruled it could be liable for an at-least $5 billion in lawsuit linked to its 2006 Kerr-McGee buy. Read more in the Movers & Shakers column.
Other markets: Gold futures gained 0.5% over the week and crude oil futures lost 1.1% on worries over Fed tapering. Stocks in Asia ended mostly higher and the European stock ended the week in the red.
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• Intel, teetering small caps and a tough year for market adages
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