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U.S. stocks posted their largest percentage decline of the year on Friday, taking a break from the strong gains seen in the past six weeks.
Friday morning, all three indices tumbled more than 1 percent to their lowest levels of the trading session — a decline the indices have only seen a handful of times this year.
In fact, the Dow has only dropped more than 1 percent on an intraday basis four times in 2012 (three for the S&P 500 and Nasdaq).
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With the Dow approaching 13,000 again, perhaps one interesting topic for debate is whether the Dow or the S&P 500 is a better investment?
While the S&P 500 has outperformed the Dow since the market's low on Oct. 3, the Dow index posted a larger gain in 2011.
In fact, their relative performances have been mixed in recent years as well. And the indexes’ slightly different returns are likely a result of how each index is calculated.
The Dow’s price weighting methodology gives higher-priced stocks more impact. That contrasts to the S&P 500’s market cap methodology, which gives a greater weighting to bigger stocks.
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Trading volume in Taleo [TLEO
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] jumped 4,700 percent over its 10-day average, after Oracle announced it has agreed to buy the web-based recruitment software maker for about $1.9 billion.
Last month, Oracle [ORCL
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] completed a $1.5 billion acquisition of RightNow Technologies, a firm that develops customer relationship management (CRM) software.
Here's a look at other stocks in the S&P 1,500 index [.SPSUP
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] displaying unusual volume in Thursday's trading session.
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Gas prices in all 50 states this week are back above $3 per gallon for the first time since December 15, when regular unleaded gasoline remained at this level for nearly 10 months.
According to the latest data from AAA’s Daily Fuel Gauge Report, the national retail average price for a gallon of self-serve regular gasoline in the U.S. stands at $3.48, nearly 12 percent more than a year ago.
At the same rate, crude oil prices [CLCV1
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] are nearly unchanged from their levels back in January 2011, up 0.2 percent.
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Shares of Caesars Entertainment [CZR
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] spiked Wednesday as the company made its IPO debut on the NASDAQ, giving the casino chain a market cap value of about $1.6 billion.
To the downside, Higher One [ONE
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] stock plunged as fourth-quarter revenue for the technology and payments services provider came in below consensus estimates.
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Shares of O'Charley's Restaurant [CHUX
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] spiked Monday after Fidelity National Financial, a title insurance and mortgage firm, announced it is buying the restaurant chain.
To the downside, Sohu.com [SOHU
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] stock dropped as the Chinese search-engine firm forecast first-quarter earnings below the analyst consensus estimate.
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U.S. stocks rallied Friday, following a stronger-than-expected jobs report, showing the unemployment rate fell to 8.3 percent -- its lowest level since February 2009.
The Dow Jones Industrial Average [.DJI
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] finished the session at its highest level since May 19, 2008, while the NASDAQ Composite [COMP
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] settled at an 11-year high.
Similary, the S&P 500 index [.SPX
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] closed at its highest level since July 2011.
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Comstock | Getty Images |
Trading volume in Gilead Sciences [GILD
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] jumped 260 percent on Friday over its 10-day average, after the biopharmaceutical company reported positive results from an early clinical trial of a recently acquired hepatitis C drug.
Here's a look at other stocks in the S&P 1,500 index [.SPSUP
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] that displayed unusual volume in the trading session.
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Shares of Abercrombie & Fitch [ANF
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] tumbled Thursday, after the teen retailer forecast a fourth-quarter outlook below analysts' expectations, sending its stock to the lowest level since October 2010.
To the upside, Zynga [ZNGA
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] stock soared, setting a record high, following news of Facebook's highly anticipated IPO — a large portion of Zynga's revenue derives from users playing games on Facebook.