The Dow Jones Industrials slipped 74.17 points to 12,660.50, a decline of 60 points on the week.

The S&P 500 sank 2.11 points to 1,316.32, while the tech-rich Nasdaq picked up 11.27 to 2,816.55

While the Nasdaq logged a fourth straight week of gains, the day’s declines in the Dow and S&P put the indexes in negative territory for the week.

Earnings reports were also weighing on the market on Friday.

Chevron was the worst performing stock on the Dow. Shares sank 3% after the company posted its biggest drop in quarterly earnings in two years and widely missed Wall Street’s estimates.

Procter & Gamble was also a big decliner on the blue chip index. Shares of the maker of Tide detergent, Crest toothpaste and Pringles snacks fell after the company lowered its outlook for the year.

A 5% drop in shares of DeVry was a big factor in the S&P 500′s slide. The for-profit educator’s earnings plunged 90% and undergraduate enrollment continued to decline.

Starbucks was a big loser on the Nasdaq. While the coffee chain beat forecasts with strong earnings and revenue in its fourth quarter, shares slipped as investors were underwhelmed by the company’s profit outlook for the future.

Ford, aided by a one-time gain, posted 2011 profit of $20.2 billion U.S. — its biggest since 1998. But for the quarter alone, earnings missed forecasts, and shares tumbled.

On the flip side, shares of Newell Rubbermaid and Eastman Chemical were big winners on the S&P 500 on the back of strong earnings.

Transocean shares rose after a federal judge cleared the company of some damages related to the Deepwater Horizon spill, because it was shielded by a contract with well-owner BP. BP shares slumped.

Meanwhile, the Social Media ETF spiked almost 3% on news that Facebook is planning to file IPO registration papers next Wednesday, according to the The Wall Street Journal. Shares of social media companies Pandora, Groupon and Zynga also headed higher following the report.

Friday’s slump came as investors reacted to the government’s first reading on fourth-quarter gross domestic product.

Investors had been hoping for news that would back up growing optimism about the nation’s economic recovery. Instead, the news seemed to jive with the Federal Reserve’s lower outlook for the economy.

The Fed announced Wednesday that it plans to keep the federal funds rate near zero until late 2014, because the recovery remains too slow to warrant higher interest rates any time soon.

Anxiety also continues to loom over Greece’s ongoing negotiations with private-sector creditors in an attempt to reduce its debt burden. Without an agreement, the country jeopardizes its access to bailout funds and might not be able to make a 14-billion euro debt payment due March 20.

In addition, Fitch downgraded the sovereign debt ratings of five European countries, including Italy and Spain, which took the biggest hits.

On the economic beat, the University of Michigan’s final installment of its January Consumer Sentiment Index rose to 75, up from an initial reading of 74. Economists were expecting the index to come in at 74.2.

The United States economy picked up speed at the end of 2011, growing at an annual rate of 2.8%, as consumers increased their spending. But the data fell short of the 3.2% forecast, based on a consensus of economists surveyed by Briefing.com.

Investors had been hoping for news that would back up growing optimism about the nation’s economic recovery. Instead, the news seems to jive with the Federal Reserve’s lower outlook for the economy.

The Fed announced Wednesday that it plans to keep the federal funds rate near zero until late 2014, because the recovery remains too slow to warrant higher interest rates any time soon.

Treasury prices for the 10-year note gained ground, lowering yields to 1.90% from Thursday’s 1.93%.

Oil for February delivery was stronger by 21 cents to $99.68 U.S. a barrel.

Gold futures for February delivery rose $5.50 to $1,732.20 U.S. an ounce.

Article provided by Baystreet.ca.