Stocks turn down on mixed jobs, Europe downgrades

A three-day rally on the stock market faded Friday after a mixed jobs report and credit-rating cuts for Italy and Spain.

The Dow Jones industrial average dropped 20.21 points, or 0.2 percent, to 11,103.12. Stocks that tend to do well even during economic downturns fared the best. Wal-Mart Stores Inc. led the Dow with a 1.8 percent gain. Drugmaker Pfizer Inc. rose 1.2 percent.

Broader indexes and small-company stocks didn't do as well as the large companies that make up the Dow. The Standard & Poor's 500 index fell 9.51 points, or 0.8 percent, to close at 1,155.46. The broader index still gained 2.1 percent for the week, the second week it has made gains out of the previous six.

The Nasdaq composite index fell 27.47, or 1.1 percent, to 2,479.35. The Russell 2000, which tracks smaller companies, plunged 2.6 percent to 656.21.

The Dow is up 1.7 percent for the week. The Nasdaq rose 2.6 percent.

Sprint Nextel Inc. plunged 20 percent after the company said it needed to raise money to build out a new high-speed data network. Clearwire Corp. plummeted 32 percent after Sprint said it would stop selling phones that work on the company's network at the end of next year. Sprint is building its own high-speed wireless network.