The U.S. stocks ended mixed on Friday, with the Dow erasing early gains, after Fitch Ratings warned to downgrade six European countries’ credit ratings.
Friday’s volume picked up as four key options contracts simultaneously expired, known as “quadruple witching,” which tends to increase the volatility in the market.
The Stocks opened with decent gains after the latest economic data came in better than expected, especially after Thursday’s jobs data which signals a gradual pickup in the battered jobs market.
Also, the U.S. Labor Department said on Friday that the Consumer Price Index was unchanged in Nov. while the core CPI, which excludes food and energy, climbed 0.2 percent last month, signaling mild inflation pressures.
However, stocks pared early gains after Fitch Ratings cut the outlook on France from “stable” to “negative” and warned to downgrade other six European country, including Spain and Italy, saying that a “comprehensive solution” to the region’s debt crisis is “technically and politically beyond reach.”