NEW YORK —U.S. stocks mostly declined Friday, limiting weekly gains and halting the Dow’s longest up ride in more than a year, after an index of consumer confidence unexpectedly fell in March.
“The data was mildly disappointing, but it’s important not to read too much into one number. There was nothing too concerning considering the strong data we’ve seen over the last couple of weeks,” said Brad Sorensen, director of market and sector analysis at the Schwab Center for Financial Research.
Up 2.4 percent for the week, the Dow Jones industrial average fell 20.14 points Friday, or 0.2 percent, to 13,232.62. Friday’s loss halted a seven-session climb by the Dow, its longest winning streak since February 2011.
The S&P 500 added 1.57 points, or 0.1 percent, to 1,404.17, with energy leading sector gains and utilities losing the most ground among its 10 major industry groups. The index also rose 2.4 percent from the week-ago close.
The Nasdaq composite declined 1.11 points to 3,055.26, also rising 2.4 percent for the week.
Shares of Apple Inc. finished nearly unchanged at $585.57 as the technology giant’s third-generation iPad went on sale Friday.
Crude prices rose, with oil futures for April delivery rising $1.95 to end at $107.06 a barrel.
The University of Michigan/Thomson Reuters confidence gauge, in a preliminary reading for March, reported sentiment dipping to 74.3 in March, its first decline since August.
“We can, of course, point our finger directly at gasoline prices, which are up another 7 cents week over week,” said Miller Tabak, equity strategist Peter Boockvar.
Americans also spent less heating their homes during the mild winter and are already driving less to reduce the money spent filling their tanks, Sorensen noted.
Ahead of the opening bell, the Labor Department reported consumer prices rose less than expected last month, rising 0.4 percent versus expectations of a 0.5 percent increase. Core prices that remove volatile food and energy costs rose 0.1 percent versus expectations of a 0.2 percent uptick.
