NEW YORK (CNN/Money) - U.S. stocks sank Friday, as investors succumbed to the temptation to take profits ahead of the weekend after getting a weaker-than-expected reading on consumer sentiment in June.

But despite several choppy days and Friday's losses, the Dow chalked up a 0.6 percent gain for the week, while the Nasdaq lost about a point and the S&P rose less than a point.

The Nasdaq composite (down 27.13 to 1626.49, Charts) lost more ground than the other major indexes Friday, dropping 1.6 percent. The Dow Jones industrial average (down 79.43 to 9117.12, Charts) shed 0.9 percent, and the S&P 500 index (down 9.90 to 988.61, Charts) slid 1 percent. All but three Dow stocks fell.

"I just think this is a brief hiatus in what will be a good finish to the month and the quarter," said Robert Philips, president and chief investment officer at Walnut Asset Management.

The report that triggered the profit taking, a preliminary reading on consumer sentiment for June, showed the University of Michigan's index dropping to 87.2 this month from May's 92.1 reading. Economists surveyed by Reuters had expected the index to nudge up to 93.4 in June.

The news sank the market, which had shrugged off the latest batch of unexciting economic reports, including a greater-than-expected decline in producer prices, early in the session.

"On a relative basis, it's not as disastrous [as it seems]," said Art Hogan, chief market analyst at Jefferies & Co. "[The Michigan survey] was less than expected and the market was looking for a reason to take a breather. But it's not a mass exodus."

After nearly three months of rallying, Wall Streeters took profits and some investors even reconsidered the second-half-recovery bet that has driven stocks to their highest levels in about a year. A profit warning from Adobe, which came on the heels of Oracle's upbeat earnings report late Thursday, didn't help the negative pressure.

And investors will have more economic news to consider next week. Monday they'll get a reading on the Empire State Index of manufacturing in New York, expected to slip to 8.8 in June from 10.6 last month, according to Briefing.com.

Next week also brings readings for May on consumer prices, housing starts, industrial production and the Philadelphia Fed's index of manufacturing for June.

Financial services firms Morgan Stanley (MDW: Research, Estimates), Bear Stearns (BSC: Research, Estimates) and Lehman Brothers (LEH: Research, Estimates) are set to report their fiscal second-quarter results next week.

Retailers Circuit City (CC: Research, Estimates), Best Buy (BBY: Research, Estimates), Bed Bath and Beyond (BBBY: Research, Estimates) and Pier One (PIR: Research, Estimates) will also post results.

Among individual issues moving the market Friday, Adobe Systems (ADBE: down $4.43 to $31.55, Research, Estimates) tumbled 12.3 percent after the software maker said its third-quarter earnings and revenue would fall below current Wall Street estimates. The warning overshadowed the company's better-than-expected second-quarter results.

Oracle (ORCL: up $0.15 to $13.48, Research, Estimates), however, climbed 1.1 percent after it released earnings that jumped 31 percent in the latest quarter and beat Wall Street's forecasts. The company also said its current quarter revenue will be slightly higher than initially expected. The news came on the same day that PeopleSoft (PSFT: down $0.45 to $16.92, Research, Estimates) rejected Oracle's uninvited $5.1 billion takeover bid and said it would pursue its previously agreed-upon merger with J.D. Edwards (JDEC: down $0.33 to $13.03, Research, Estimates).

Intel (INTC: down $0.78 to $21.36, Research, Estimates) was another loser, slipping 3.5 percent after Deutsche Bank Securities downgraded the stock to "hold" from "buy," arguing that a strong runup over the last few months and the lack of near-term catalysts to drive the stock higher make it less attractive at its current level.

General Motors (GM: down $0.92 to $36.20, Research, Estimates) shares weighed on the Dow, shedding 2.5 percent after Moody's cut its debt rating on the company and its financing unit, General Motors Acceptance.

Market breadth was negative by a margin of about two to one. On the New York Stock Exchange, 1.3 billion shares traded. On the Nasdaq, 1.8 billion shares changed hands.

The weak Michigan survey helped a mixed bond market turn around, lifting the 10-year Treasury note 15/32 of a point and driving its yield down to 3.10 percent. The dollar trended lower against major currencies.

Light crude oil futures slipped 97 cents to $29.33 a barrel in New York, where gold continued to slide, losing $3.30 to $357.20 an ounce.

European stock markets mostly closed lower, and stocks in Asia were mostly higher overnight.