landsberg bennettStocks declined on Friday. The Dow was off 178 points to 24285 while the S&P 500 lost 17 points to 2632. The Nasdaq Composite fell 33 points to 6938.

The major averages continued their recent slide as oil prices retreated once again. Energy stocks in the S&P 500 fell 3.3% on the session amid a 6.1% drop for NYMEX WTI crude, which closed at $51.31 to cap a seventh straight weekly decline. Retail sales were also in focus amid the “Black Friday” shopping event. Through 5pm Thanksgiving Day, “top” online retailers saw a 28.6% increase in sales from the same time period last year, per Adobe Analytics.

Eight of 11 S&P 500 sectors finished lower with Utilities, Health Care, and Consumer Staples representing the only positive performers. Tech shares continued their recent slump with Apple losing 2.6% to $172.27 amid reports the company lowered prices for new iPhones in Japan. In M&A news, shares of Rockwell Collins jumped 9.2% to $141.54 after Chinese regulators gave conditional approval for United Technologies to purchase the aviation systems company.

Breadth was negative on issues by 4:3 on the NYSE and positive by 9:7 on the Nasdaq. NYSE composite volume was 1.6 billion shares.

On the data front, preliminary readings on both the manufacturing and services sectors showed activity cooled more than anticipated in November. Treasuries strengthened with the yield on the benchmark 10-year note declining one basis point to 3.05%. In commodities, COMEX gold lost 0.4% to $1,223.20/ounce amid a stronger dollar.

For the week, the S&P 500 declined 3.8%, the Dow lost 4.4%, and the Nasdaq Composite was down 4.3%.