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Nearly three stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 4.1 billion shares, compared with 5.2 billion Thursday. Treasury prices rose as some investors sought safety following the retail sales report. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.24 percent from 3.33 percent late Thursday. Friday's reports follow a trend over the past month showing an uneven recovery, which has added concern to a market that is already struggling with worries about the health of Europe's economy. The Dow has mostly fallen since late April as investors worry about whether debt problems and steep government spending cuts in countries like Greece, Spain, Portugal and Hungary will slow Europe's economy so much that the economic slump would spread around the globe. The euro's level against other currencies has become a key indicator of confidence in European governments' ability to resolve their fiscal problems. The currency, which is used by 16 countries, was little-changed against the dollar. It stood at $1.2108 late Friday.
Analysts say everyday investors, in particular, are still nervous about the market and economy, and are sitting on the sidelines. That leaves institutional investors as the main players in the stock market, which explains why volatility has been so high. Institutional traders' "sense of long-term holding is in minutes," said Bob Tull, chief operating officer of Old Mutual Global Index Trackers. The quick trades and constant movement of professional money managers means stocks are bound to gyrate more than if there is a steady flow of cash from retail investors heading into the market. Proctor & Gamble fell 90 cents to $61.01. J.C.Penney dropped 28 cents to $25.99, while Macy's fell 4 cents to $21.24. Motorola rose 27 cents to $7.11. Research in Motion shares rose 39 cents to $59.50. Crude oil fell $1.70 to $73.78 per barrel on the New York Mercantile Exchange. The Russell 2000 index of smaller companies rose 9.21, or 1.4 percent, to 649.00. For the week, the Russell rose 2.8 percent. Britain's FTSE 100 rose 0.6 percent, Germany's DAX index fell 0.1 percent, and France's CAC-40 rose 1.1 percent. Japan's Nikkei stock average rose 1.7 percent.
[Associated
Press;
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