S&P 500 down on weekly basis

Despite early rally in Friday morning the S&P 500 Index added only 0.32% or 3.91 points and closed modestly higher at 1,219.65. On weekly basis, however, the US benchmark lost 2.8%. Three of the 10 industries including consumer staples, utilities and health care declined while others were up. The biggest gainers were material, industrial and energy companies as several US regions reported increased number of shipments and orders. Cablevision Systems Corp. tumbled 8.47% after a sudden leave of its CEO Tom Rutledge. Adobe Systems Inc. climbed 6.6% after company reported better-than-expected earnings.