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2008-05-23 16:20 ET Dow -145.99 Dow Close 12479.63 Nasdaq -19.91 Nasdaq Close 2444.67 S&P -18.42 S&P Close 1375.93 Nasdaq100 -0.3 SandP_Midcap400 -1.2 Russell2000 -1.2 NYAdv 850 NYDec 2243 NQAdv 872 NQDec 1944

[BRIEFING.COM] The stock market closed 3.5% lower this week after losing 1.3% this session. Stocks declined in the face of persistently high oil prices and broad-based selling efforts ahead of the long weekend. Eight of the major economic sectors lost at least 1.0% this session.

Crude oil prices rebounded from yesterday’s drop and weighed on early morning sentiment. The commodity closed $1.31 higher on the New York Mercantile Exchange, finishing the session at $132.12 per barrel. Crude has not finished lower for two consecutive sessions since the beginning of May.

Investor pessimism persisted in the face of positive earnings announcements from retailers Gap (GPS 17.94, -0.35) and Aeropostale (ARO 32.67, -0.05). The pair announced after yesterday's close earnings results that surpassed the consensus earnings per share estimate. Meanwhile, department store Dillards (DDS 15.73, -0.63) reported this morning its first quarter net income slumped during the most recent quarter.

Brewers (+6.4%) performed exceptionally well in the face of the session’s broad-based selling. A report from FT Alphaville indicating Belgium beverage company InBev is interested in acquiring Anheuser-Busch (BUD 56.61, +4.03) helped give the group a lift.

Tech heavyweight Apple (AAPL 181.17, +4.12) helped the Nasdaq 100 (-0.3%) outperform the major indices on a relative basis. Apple had its price target elevated and was added to a buy list at a pair of Wall Street’s leading investment banks.

Separately, existing home sales for April declined 1.0% month-over-month to an annualized rate of 4.89 million units, according to the National Association of Realtors. Economists were expecting April sales to decline 1.6% from the prior month’s annualized sales rate.

The ...