The major U.S. stock indexes closed mostly lower Friday, capping a day spent wavering between small gains and losses.
Phone companies were the biggest drag on the market following reports that AT&T was considering a deal to acquire the media conglomerate Time Warner. AT&T, Verizon, Sprint and T-Mobile US all fell.
Health care and energy stocks also took some losses, while consumer staples and technology companies held on to slight gains.
Investors continued to focus on corporate America, reviewing earnings from General Electric, McDonald's and other big companies. Earnings from banks and other financial companies have been mostly better than anticipated, which...