The Wall Street closed mixed on Friday amid positive non-farm payroll data and concerns over euro zone, with the S&P suffering its worst week since 2008.
The Dow finally closed slightly higher on Friday but suffered a "roller-coaster" situation, trading in a broad range of 400 points, finally rose 60.93 points, or 0.54 percent, to 11,444.61.
The Standard & Poor's 500 was down 0.69 points, or 0.06 percent, to 1,199.38, with trading range between gaining 1.5 percent to losing 2.7 percent, suffering its worst week since November 2008.
The Nasdaq Composite Index dropped 23.98 points, or 0.94 percent, to 2, 532.41. The most significant reason for this week' s drop was investors'concern over euro zone crisis.
As the bond yields of Italy and Spain soared quite a lot, investors worried that these two countries will be about to default their debt without the help of European central bank (ECB). Investors also worried that this might lead to a shrinking liquidity situation in global markets.
To comfort the market, the ECB said on Friday that it would buy Italian and Spanish bonds in exchange for fiscal reforms.
However, some investors still didn't believe that ECB will finally purchase the high-yield Italian bonds and the positive news failed to overshadowed concern the American economy is stalling.
The U.S. Labor Department said that the U.S. economy added 117, 000 jobs to nonfarm payrolls in July, with the unemployment rate falling slightly to 9.1 percent from 9.2 percent. The job report helped to lift the dollar in early trading on Friday.
Investors were slightly relieved on the data but they didn't think the number was strong enough to rally the stock.
Moreover, investors were waiting for S&P to see whether the rating agency is going to downgrade the U.S. credit rating.
Also reflecting the concerns, oil prices edged up on Friday 25 cents, or 0.28 percent to 86.88 dollars a barrel on the New York Mercantile Exchange. But for the week, it plunged 8.82 dollars, or 9.2 percent.
The Dow finally closed slightly higher on Friday but suffered a "roller-coaster" situation, trading in a broad range of 400 points, finally rose 60.93 points, or 0.54 percent, to 11,444.61.
The Standard & Poor's 500 was down 0.69 points, or 0.06 percent, to 1,199.38, with trading range between gaining 1.5 percent to losing 2.7 percent, suffering its worst week since November 2008.
The Nasdaq Composite Index dropped 23.98 points, or 0.94 percent, to 2, 532.41. The most significant reason for this week' s drop was investors'concern over euro zone crisis.
As the bond yields of Italy and Spain soared quite a lot, investors worried that these two countries will be about to default their debt without the help of European central bank (ECB). Investors also worried that this might lead to a shrinking liquidity situation in global markets.
To comfort the market, the ECB said on Friday that it would buy Italian and Spanish bonds in exchange for fiscal reforms.
However, some investors still didn't believe that ECB will finally purchase the high-yield Italian bonds and the positive news failed to overshadowed concern the American economy is stalling.
The U.S. Labor Department said that the U.S. economy added 117, 000 jobs to nonfarm payrolls in July, with the unemployment rate falling slightly to 9.1 percent from 9.2 percent. The job report helped to lift the dollar in early trading on Friday.
Investors were slightly relieved on the data but they didn't think the number was strong enough to rally the stock.
Moreover, investors were waiting for S&P to see whether the rating agency is going to downgrade the U.S. credit rating.
Also reflecting the concerns, oil prices edged up on Friday 25 cents, or 0.28 percent to 86.88 dollars a barrel on the New York Mercantile Exchange. But for the week, it plunged 8.82 dollars, or 9.2 percent.
