Stocks fell Friday in all industry groups in the S&P 500 except utilities. The biggest losses were in telecommunications and information technology stocks. But the big indices are still up 4 percent or more for three months.
Despite strong gains from IBM and other tech stocks, gains on The Street were weak, with the Dow Jones industrial average rising 34 points to close at 12,943. Although modest, Thursday's close marked the third straight day of gains.
A drop in the unemployment rate to its lowest in three years propelled the Dow Jones industrial average Friday to its highest close since before the 2008 financial crisis. The Dow jumped 156 points to close at 12862.
Stock prices fell in morning trading Friday after a rare earnings miss for JPMorgan Chase reports swirled that European governments may get their ratings cut soon. Stock prices dragged the Dow down 159 points in the first hour of trading.