Stocks slip but Nasdaq notches third straight weekly gain

|By:, SA News Editor

Investors sit on their hands ahead of the weekend, sending the Dow and S&P to losses for the week while the Nasdaq and Russell 2000 posted weekly gains.

Stocks cut early advances after Dallas Fed's Richard Fisher said he would continue to promote the rolling back of the Fed's monthly asset purchases.

Telecoms and energy were the day's hardest hit sectors, while utilities and consumer discretionary fared best.

Existing home sales fell more than economists had forecast in January, the latest sign the housing market is buckling under higher mortgage rates and a severely cold winter.

Treasury prices rose after the report, and the yield on the benchmark 10-year note slipped 2 bps to 2.728%.