Stocks edge lower; all eyes on Facebook

By msnbc.com news services

Stocks edged lower Friday, with major indexes were setting up to close their worst week of the year.

The S&P has fallen 6.7 percent so far in May, and while volatility is expected to continue, some analysts were forecasting a near-term rebound.

After jumping more than 10 percent at the start of trading, shares of Facebook pulled back in their market debut Friday, suggesting a cooler-than-expected reception for one of the most watched initial public offerings of stock of recent years.

The large weekly decline in equities came amid uncertainty over a political crisis in Greece and whether that could trigger a default and possible exit from the euro zone.

Market participants were skittish even as a poll showed Greek voters are returning to the establishment parties that negotiated its bailout, offering some respite to European leaders who say a snap Greek election next month will decide whether it must quit the euro.

"Even good news is not enough to overcome the fear that there is going to be a dramatic slowdown in the world economy because of the European crisis," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

Reuters contributed to this report.

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