NEW YORK — After several consecutive days of intense sell-offs, stocks tried to bounce back on Friday as investors were lured by low valuations. But it wasn’t enough to erase deep declines in the market, and the major indices wrapped up the week down.
The S&P 500 closed the week down 1.9 percent, dropping to 1,267.03 from 1,291.24 in the prior week while the WWD Composite Stock Index squeaked out a 0.1 percent gain to 1,103.13 from 1,102.38.
For the year, the WWD Composite Stock Index is off by 1.4 percent. Over the past 52 weeks, the index’s low occurred on Sept. 23, when it skidded down to 1,025.25. The highest point in the 52-week period was on Nov. 28, when it reached 1,160.78.
Citigroup equity analyst Deborah Weinswig said in a research note Friday that she has a “neutral outlook on the broadlines retailers in our coverage universe for 2006.” She cited moderate same-store sales, a slowing fashion cycle, higher gas prices and a rising interest rate environment as cause for concern. These negatives will likely be offset — slightly — by improving consumer confidence and “sustained economic recovery” as well as improved markdown management by retailers.