Stocks slide after weak consumer sentiment data

JeeYeon Park , CNBC ? ? ? 4 hrs.

Stocks added to losses Friday, with the S&P 500 pulling back further from its record closing high level, following a weaker-than-expected consumer sentiment report and as investors looked to take a pause after the Dow logged its first 10th-straight winning streak since 1996.

The Dow Jones Industrial Average declined at the open, dragged by JPMorgan. Bank of America led the gainers.

The S&P 500 and the Nasdaq also opened in negative territory. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded above 11.

Most key S&P sectors opened in the red, led by telecoms and health care.

Major averages took another leg lower after a report that showed consumer sentiment dropped 71.8 in early March, tumbling to its lowest since December 2011, according to the Thomson Reuters/University of Michigan's preliminary reading. Economists expected a reading of 78.

Earlier, traders reacted little to a morning economic report showing inflation, though pushed higher by surging gas prices, remained within parameters allowing the Federal Reserve to continue its ultra-easy monetary policy.

The pace of manufacturing in the New York state slipped to 9.24 in March from 10.04 in February, according to the New York Federal Reserve. Economists expected a reading of 10.

(Read More: Stocks Could Hit New High With US Data on a Roll)

Meanwhile, industrial production grew 0.7 percent in February, according to the Federal Reserve, topping estimates for a gain of 0.4 percent. Manufacturing output rose 0.8 percent during the month, snapping back from a decline in January.

Among financials, Goldman Sachs and JPMorgan declined after both banks received conditional approval for their capital payout from the Federal Reserve.

Meanwhile, Citigroup, Wells Fargo, Morgan Stanley and Bank of America were among names whose capital plans were approved. but BB&T and Ally Financial did not pass.

Groupon rallied after widely-followed investor Bill Miller said he likes the stock. Miller said he also likes Apple, Texas Instruments, and US Airways.

Investors in Europe booked gains after a 10-day global rally. U.S. shares closed at record levels on Thursday, but markets were disappointed by President Barack Obama who seemed no closer to striking a deal on deficit reduction after a long session in Capitol Hill.

(Read More: Contentious US Budget Talks Point to Small Deficit-Cut Deal)

This week's final trading day will also feature the quarterly "quadruple witching" options and futures expirations. Quadruple witching is associated with market volatility as investors seek to rebalance their portfolios. (CNBC Explains: Witching Hour)

?By CNBC's JeeYeon Park (Follow JeeYeon on Twitter:@JeeYeonParkCNBC)

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Source: http://www.nbcnews.com/business/stocks-slide-after-weak-consumer-sentiment-data-1C8886087

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