Stocks close out week with modest declines

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NEW YORK (CNN Money) -- It was a day of reckoning for the stock market.

Stock indexes have largely glided higher for most of 2012, but as investors grew concerned over Greece's ongoing debt drama, all three indexes dropped Friday, pushing them into negative territory for the week.

The Dow Jones industrial average (INDU) moved down 90 points, or 0.7% Friday, falling 0.5% for the week.

The S&P 500 (SPX) fell 9 points, or 0.7%, losing 0.5% for the week. The Nasdaq (COMP) shed 23 points, or 0.8%, pushing the tech-heavy index down 0.06% for the week.

All three indexes still remain significantly higher for the year. The Dow, S&P, and Nasdaq are up 4.7%, 6.8% and 11.5% respectively.

Throughout the trading day Friday, the selling in the market was broad. Oil, gold and copper fell about 1%.

All 30 stocks in the Dow moved negative, with aluminum maker Alcoa (AA, Fortune 500) and chemical manufacturer DuPont (DD, Fortune 500) losing the most ground.

"There's an increase in the level of agita in the markets, because the Greek deal isn't done," said Guy LeBas, chief fixed income strategist at Janney Capital Markets. "The tone of the market has turned fairly negative."

The fresh bout of worries over Greece came after eurozone finance ministers called the new Greek austerity deal into question, saying it does not go far enough.

The finance ministers said they would need to see more spending cuts before signing off on a new €130 billion bailout, which is key to the debt-laden country making its payment on a €14.5 billion bond redemption next month and avoiding default.

"Despite the important progress achieved over the last days, we did not yet have all necessary elements on the table to make decisions today," said Jean-Claude Juncker, the prime minister of Luxembourg and head of the Eurogroup.

Specifically, Juncker said the reform package needs to be approved by the Greek parliament this weekend, and Greece's leaders need to pledge they'll continue to implement the measures after elections in April. He also said that Greece must cut an additional €325 million from its "structural expenditures" in 2012.

Greece: One step forward, two steps back

If Greece meets those conditions, a bailout package could be signed as early as next week, when eurozone finance ministers are due to meet again.

Meanwhile, Greece is also working to finalize a deal with its private-sector creditors to write down a portion of its debt.

U.S. stocks posted slim gains Thursday, after Greek political parties struck a deal on the austerity measures.

World markets: European stocks closed lower. Britain's FTSE 100 (UKX) slipped 0.7%, the DAX (DAX) in Germany dropped 1.4% and France's CAC 40 (CAC40) fell 1.5%.

After European markets closed, Standard & Poors' downgraded 34 out of 37 Italian banks.

Asian markets ended mixed. The Shanghai Composite (SHCOMP) added 0.1%, while the Hang Seng (HSI) in Hong Kong shed 1.1% and Japan's Nikkei (N225) fell 0.6%.

China's trade surplus expanded in January as imports slumped 15%, sparking questions over the sustainability of China's rapid economic growth.

Economy: The December trade deficit for the U.S. expanded to $48.8 billion, from $47.1 billion the prior month.

Consumer sentiment dropped more sharply than expected in February. The February edition of the Michigan Consumer Sentiment Index fell to 72.5 from 75 last month. The index was expected to come in at 74.

The Treasury Department reported a smaller budget deficit than expected of $27.4 billion for January. Analysts had expected the budget report to show a deficit of $40 billion.

Companies: Alcatel-Lucent (ALU) shares spiked 13%, after the telecom equipment maker posted an annual profit for 2011 -- its first since Alcatel and Lucent merged in 2006.

LinkedIn (LNKD) shares jumped almost 18% Friday, a day after the professional networking site's fourth-quarter profit surged 30% and revenue more than doubled.

Barclays (BCS) shares moved up 1.6%. The London-based bank posted an unexpected loss for the fourth quarter, but it also cut its its bonus pool by 25%. For employees at the investment bank, Barclays Capital, bonuses fell by almost a third and are capped at £65,000.

Shares of Activision Blizzard (ATVI), maker of World of Warcraft and Call of Duty, slipped nearly 3% even after the game maker beat fourth-quarter profit and sales estimates.

Nuance Communications' (NUAN) shares fell 13%, after the software developer reported earnings that missed analysts' expectations.

Shares of First Solar (FSLR) plunged after the company announced a delay in funding for a massive solar farm it plans to build near Los Angeles.

Parent of the New York Stock Exchange, NYSE Euronext (NYX, Fortune 500), beat earnings' expectations Friday that pushed the stock up 4.5%. The company's CEO outlined the future of the exchange after it's failed takeover by Deutsche Borse.

Currencies and commodities: The dollar rose against the euro, the British pound and the Japanese yen.

Oil for March delivery slipped $1.17 to $98.67 a barrel.

Gold futures for April delivery fell $15.70 to $1,723.30 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.96% from 2.05% late Thursday.