Stocks slip in light trading

NEW YORK – Wall Street ended a year of solid gains with a blip lower Friday as investors made last-minute adjustments to portfolios in light holiday trading. But in spite of its unspiring finish, the market was expected to extend its two-month-old rally into the new year.

With no new economic data and little corporate news, stocks drifted in a narrow range before dipping lower at the end of the session.

Wall Street’s latest rally – moving from 2004 lows in October to 3 1/2 -year highs over the past two weeks – salvaged investors’ returns for the year. Although the gains paled in comparison to 2003’s double-digit returns, the post-election rally did push the Standard & Poor’s 500 and the Nasdaq composite index to high single-digit returns.

The Dow Jones industrial average fell 17.29, or 0.16 percent, to 10,783.01.

Broader stock indicators were modestly higher. The S&P 500 index was down 1.63, or 0.13 percent, at 1,211.92, and the Nasdaq lost 2.90, or 0.13 percent, to 2,175.44.

Stocks ended the week mixed in light, uneven trading, but remaining near their 3 1/2 -year highs. For the week, the Dow fell 0.41 percent, while the S&P rose 0.15 percent and the Nasdaq climbed 0.69 percent.

For the year, the Dow gained 3.15 percent, the S&P rose 8.99 percent and the Nadsaq was up 8.59 percent.