European stocks rose on the news and U.S. stocks opened higher. The Dow gained as much as 57 points in the first half-hour of trading. After that, the indexes commenced a steady slide.
All ten categories in the S&P 500 were lower by the end of the day. Consumer discretionary stocks had the narrowest loss.
Internet travel sites priceline.com and TripAdvisor Inc. were among the S&P 500's top gainers. The companies surprised investors with better-than-expected third-quarter earnings after the market closed on Thursday. TripAdvisor rose $5.71, or 19 percent, to $35.12. Priceline added $48.64, or 8 percent, to $634.74.
Starbucks rounded out the S&P 500's top three gainers, adding $4.22, or 9 percent, to $50.84. The ubiquitous coffee vendor said late Thursday that global revenue at cafes open at least a year rose 6 percent during its fiscal fourth quarter, which runs from July through September.
Home decor retailer Restoration Hardware Holdings Inc. shot up $7.10, or 30 percent, to $31.10 in its first day of trading on the New York Stock Exchange.
AP Business Writer Steve Rothwell contributed to this story.
Daniel Wagner can be reached at www.twitter.com/wagnerreports.