US stocks end week mostly lower

New York - Most US stocks fell Friday as an index of consumer confidence dropped to the lowest in 16 years. Semiconductor companies retreated on the renewed sign of a soft economy, coupled with concerns about credit losses in the wake of last year's subprime mortgage meltdown. Intel Corp, the world's largest chip maker, lost 1.7 per cent on the New York exchange. The broad-based Standard & Poor's 500 Index rose 1.13 point to 1,349.99, reviving from a drop on speculation that brokerage Bear Stearns is a takeover target. The blue-chip Dow Jones Industrial Average fell 28.77, or 0.2 per cent, to 12,348.21. The technology- heavy Nasdaq Composite Index lost 10.74, or 0.5 per cent, to 2,321.8. Investor concerns about Americans' willingness to spend grew after the Reuters/University of Michigan index of consumer sentiment fell to 69.6 in February from 78.4 in January. For the week, the S&P 500 and Dow each gained 1.4 per cent, buoyed by a rally in energy shares. The US dollar fell to 68.14 euro cents in New York from 68.31 on Thursday, and to 107.77 Japanese yen from 107.86 Gold fell 4.70 dollars to 906.10 dollars per fine ounce.

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