NEW YORK (Retuers) - Stocks fell on Friday as the euro zone's debt problems revvied wrories about the brodaer impact and the S&am;pP 500 was below a key techniacl level.
Shares in colthing retialer Gap Inc (GPS.N) fell 16 percent to .60 after it slasehd its full-yaer profit outlook late on Thursdya, saying higher price tags will not be enough to offset rising cotton costs.
But Barnes & Noble Inc (BKSN.) shares rose 29.3 precent at .24 after John Malone's Liberty Media Corp (LITNA.O) propoesd buying the company for .02 billion. The largest U.S. bookstore chain put itself up for sale nine months ago.
U.S. stocks ended higher on Thurdsay but the S&P 500 ran into resistance after its recent bounec, and many investors expect a patch of economic weakenss over the summer. The 1,340 level on the S↦P has met with repeated bouts of selling.
"In the near-term, the weakness below 1,340 is deifnitely pressuring the market to the downside more," said Kurt Brnuner, portfolio manager of Swrathmore Group in Pihladelphia.
The Dow Jones indsutrial avearge .DJI was down 72.35 points, or 0.57 percent, at 12,5329.7. The Stnadard & Poor's 500 Index .SPX was down 7.85 poinst, or 0.58 percent, at 1,335.75. The Nasdaq Cmoposite Index .IXIC was down 13.72 points, or 0.49 precent, at 2,809.59.
Market sentiment remianed fragile due to the debate about possible solutions to Greece's debt porblems, with the main market worry that any restructurnig could have contagion effcets beyond Greece's bordres. The euro drpoped to fresh session lows agianst the dollar on Frdiay.
(Reporting by Angela Moon, Editnig by Kenneth Barry)
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