Apparel retailers had the biggest decline on the Standard & Poor's 500 Index on Friday after a Goldman Sachs analyst downgraded the department store sector due to higher fuel prices, sending the index lower at midday.
The S&P 500 lost 6.20 points to 1,417.37.
Shares of women's clothing retailer Liz Claiborne Inc. fell $1.28, or 6.6 percent, to $18.26. In a note to investors, Goldman analyst Adrianne Shapira cut department stores to "Neutral" from "Attractive," predicting oil prices could reach as high as $149, sapping discretionary spending and eroding consumer confidence.
Shares of Jones Apparel Group lost 99 cents, or 5.6 percent, to $16.69.
Shares of department store Dillard's Inc. dipped $1.03, or 5.2 percent, to $18.67.
Among the gaining stocks, BMC Software Inc. climbed $2.78, or 7.6 percent, to $39.21. The business software company said its fiscal fourth-quarter earnings rose 55 percent to $97 million or 50 cents per share, on licensing and professional services revenue growth.
Oil driller Rowan Cos. Inc. jumped $2.16, or 5 percent, to $45.43. On the New York Mercantile Exchange, oil prices surged more than $3 a barrel Friday to set yet another new record near $128.
Driller XTO Energy Inc. advanced $2.86, or 4.5 percent, to $65.83.
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