U.S. stocks fell on Friday, with the S&P 500 on track for its first monthly loss since August as disappointing corporate earnings from big companies and concerns about the euro zone and emerging markets kept investors on edge. But the major stock indexes came well off their session lows by afternoon, with the S&P 500 recovering from most of its loss. "I think the shorts are taking off some risks, heading into the weekend," said J J Kinahan, chief strategist at TD Ameritrade in Chicago . "It's been a decent couple of weeks for them, and they are adjusting their positions as this week, this month comes to an end." The Dow Jones industrial average fell 71.51 points or 0.45 % to 15,777.10. The S&P 500 declined 3.74 points or 0.21 % , to 1,790.45. The Nasdaq Composite dropped 5.764 points or 0.14 %, to 4,117.361. For the month of January, the S&P 500 was down 3.1%For the week, though, the index was flat in afternoon trading. One of the biggest decliners of the day was Amazon which fell 9.4% to $365.09 a day after the world's biggest online retailer missed Wall Street's estimates for the crucial holiday period. Chevron Corp was the Dow's biggest decliner after the second- largest U.S. oil company said its fourth-quarter profit dropped 32% as refining margins and production fell around the world. The stock was off 3.2 % at $112.63 . Mattel shares slid 13% to $37.43 after the world's largest toy company reported a quarterly profit that missed Wall Street's estimates.
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