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As market steps back, some say pause was due

Last update: March 19, 2010 - 7:55 PM

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NEW YORK - U.S. stocks closed modestly lower on Friday, with the Dow average snapping its eight-day string of gains, as renewed worries over Greek finances and a coming vote on health care unnerved investors.

The Dow Jones industrial average fell 37.19 points, or 0.35 percent, to 10,741.9. Still, the measure climbed 1.1 percent this week, its third straight weekly gain, and is up 3.01 percent since Jan. 1.

On Friday, materials and energy were the weakest categories in a broad-based sell-off as oil prices retreated near $80 a barrel. Worries about key overseas economies also weighed on the market, which some said was due for a pause after a solid run lately.

The Standard & Poor's 500 index declined 0.51 percent, led by declines in materials and energy. Baker Hughes Inc. shares slid 3.7 percent, while Consol Energy Inc. shares fell nearly 4 percent and Massey Energy Co. lost 3.4 percent.

"The commodities, like other risky assets, are taking a little bit of a breather," said Russ Koesterich, managing director of BlackRock's scientific active equity business.

But he said it was encouraging that both stocks and raw materials weren't declining even more.

"The market has had a big run-up, it's continuing to defy some of the pessimists, and this happened on a bunch of factors," including benign inflation readings and a decision by the Federal Reserve to keep its rate target near zero, Koesterich said. "This is helping to keep a floor under stocks."

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