Wall Street closed at a decline on Friday amidst worries surrounding the Italian banking sector and Greece's debt crisis. The Dow industrials and the S&P 500 fell for their seventh week in the last eight weeks. The benchmark S&P 500 is down 7 percent from its 2011 closing high at the end of April. Investors are fearful that Greece's government may fail to pass an austerity plan next week, which could force a default on its debt repayments. The S&P 500 remained close to its 200-day moving average-the level was at 1,263.47. The Dow Jones industrial average dropped 115.42 points, or 0.96 percent, to 11,934.58 at the close. The Standard & Poor's 500 Index fell 15.05 points, or 1.17 percent, to 1,268.45. The Nasdaq Composite Index lost 33.86 points, or 1.26 percent, to 2,652.89. For the week, the Dow fell 0.58 percent and the S&P 500 shed 0.24 percent, while the Nasdaq gained 1.39 percent. On Thursday, the market welcomed Greece's agreement to a five-year austerity plan. The euro declined against the dollar for a third straight session on worries Greece's parliament might not pass austerity measures needed for the country to secure more bailout funds. Declining stocks outnumbered advancing ones on the New York Stock Exchange by a ratio of 19 to 11. On the Nasdaq, about three stocks fell for every two that rose.
