MARKET SNAPSHOT: Stock Market Pulls Back From Records; GE Disappoints

By Barbara Kollmeyer, MarketWatch, Ryan VlastelicaFeaturesDow Jones Newswires

Nasdaq on track to break 10-day streak of gains

U.S. stocks fell on Friday, with major indexes retreating from near-record levels as industrial stocks led the market lower following disappointing results from General Electric Co.

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The Dow Jones Industrial Average ( fell 88 points, or 0.4%, to 21,523. The S&P 500 index shed 7 points, or 0.3%, to 2,465. The Nasdaq Composite Index fell 19 points to 6,371, a decline of 0.3%.

All three indexes are within 1 percentage point of their all-time highs, and the Nasdaq is coming off a 10-day string of gains, matching its longest streak since Feb. 24, 2015, according to FactSet data. On Thursday, it ended at a record, the index's 41st such close of 2017.

For the week, the Dow is down 0.5%, but the S&P 500 is up 0.3%, with the Nasdaq set for a 0.9% weekly rise. Both the S&P 500 and Nasdaq are looking at their third consecutive weekly climbs.

"When you see 10 straight days of gains, you can expect a little pullback in the short term, but the breadth we saw in the Nasdaq over the rally speaks very well for what can happen down the road," said Wayne Kaufman, chief market analyst at Phoenix Financial Services.

Read:Opinion: Stocks are healthy enough to rally without tech (

With no economic data to focus on, much of the market's direction was driven by a parade earnings out early Friday.

GE (GE) fell 3.3% after reporting a drop in its second-quarter earnings and revenue ( The stock was the biggest percentage decliner on the Dow, extending its recent weakness. Thus far this year, the industrial conglomerate is down 19.4%. The Industrial Select Sector SPDR ETF (XLI) fell 0.7%. GE is the biggest holding of the ETF, comprising 7.6% of the portfolio.

"GE is a go-nowhere stock, and I prefer leadership stocks," Kaufman said. "It gives important indications about the economy, but it hasn't been a market leader in some time."

Colgate-Palmolive Co.(CL) fell nearly 1% after a sales miss offset profit ( that was reported in line with expectations for the personal-care products company.

Honeywell International Inc. (HON) rose 1.2% after the aerospace-and-defense giant said reported sales and profit that topped estimates (

EBay (EBAY) lost 2.8% after the e-commerce group reported second-quarter earnings and sales that were in line with forecasts (

( USA ( was down 1.9% fell after the shoemaker's earnings outlook fell short of Wall Street's forecasts (

Visa Inc.(V) was up 1.6% after earnings topped Wall Street estimates ( The stock was the biggest percentage gainer on the Dow, followed by peer credit card company American Express Co. (AXP), which was up 0.4%.

Microsoft(MSFT) dipped 0.7% a day after the software maker posted forecast-beating earnings.

Read:Microsoft rides huge tax benefit from failing at smartphones to big earnings beat (

Other markets: Asian markets cooled off Friday, taking a breather from recent gains. The Stoxx Europe 600 index ( was little changed, struggling under the weight of a stronger currency.

The euro continued to climb against the dollar after European Central Bank President Mario Draghi's dovish comments on monetary policy were ignored by markets ( Gold prices inched higher, and oil prices ( were steady ahead of U.S. rig-count data from Baker Hughes due later.

Read:How OPEC committee's coming meeting could make or break oil prices (

(END) Dow Jones Newswires

July 21, 2017 11:39 ET (15:39 GMT)