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US stocks mixed in early trading; Yelp starts trading after $900 million IPO
NEW YORK (AP) ' Stock indexes were mixed in early trading Friday, putting the Dow Jones industrial average on track for its first weekly loss following two weeks of gains.
The Dow fell 11 points to 12,969 a half-hour after the opening bell.
Yelp Inc. jumped 60 percent on its first day of trading. The online review site's initial public offering valued the company at $900 million.
In other trading, the broader S&P 500 is down 1 point to 1,373. The Nasdaq is up 4 points to 2,993.
Both the Dow and Nasdaq are trading below milestones hit earlier this week. The Dow closed above 13,000 Tuesday for the first time since May 19, 2008.
The Nasdaq composite index broke the 3,000 level Wednesday for the first time since 2001.
Oil fell 1.4 percent to $107.26 a barrel after Iranian media reported an explosion at a Saudi Arabia pipeline. Saudi Arabia denied the report. Oil and gas stocks had some of the steepest drops in the S&P 500 index. Alpha Natural Resources Inc., Peabody Energy Corp and Anadarko Petroleum Corp fell by more than 2 percent.
Among other stocks making big moves:
' Sara Lee Corp. jumped 4.9 percent. The food company said its shareholders will get up to $4.5 billion in stock when it spins off its international coffee and tea business later this year.
' Genesco Inc. gained 4 percent. The clothing company raised its 2013 earnings outlook above analysts' estimates. Genesco also reported quarterly earnings that topped expectations.
' CVR Energy Inc. fell 1.8 percent after the Texas oil refiner rejected a $2.6 billion hostile takeover bid from the billionaire investor Carl Icahn.