Stocks continue trending down
5/18/2012NEW YORK — It’s going to take more than Facebook’s initial public offering to push the stock market higher.
Worries about Europe’s debt crisis turned out to be the bigger issue for investors today. U.S. stocks fell. The Dow Jones industrial average lost 73 points to close at 12,369. The Dow has now fallen on 12 out of the last 13 days. It finished the week down 3.5 percent.
The Standard & Poor’s 500 index fell almost 10 points to 1,295. The Nasdaq fell 35 points to 2,779.
Declining stocks outnumbered advancers more than 3-to-1.
Stocks in Europe fell, too.
After all the hoopla, Facebook closed just 23 cents above its initial public offering price of $38.