The S&P 500 and the Nasdaq slipped on Friday after consumer sentiment unexpectedly dipped, dampening early enthusiasm from a better-than-expected employment report. The Thomson Reuters/University of Michigan's preliminary consumer sentiment index plunged to 74.5 in early December, the lowest level since August. The equity market has regained most of the ground it lost following President Barack Obama's re-election as markets turned their focus to the coming "fiscal cliff."

Market response to the macroeconomic data remained muted as negotiations continued to command investor attention. The Dow Jones industrial average rose 42.66 points, or 0.33 percent, to 13,116.70. The Standard & Poor's 500 Index dipped 0.12 of a point, or 0.01 percent, to 1,413.82. The Nasdaq Composite Index lost 16.38 points, or 0.55 percent, to 2,972.89. After falling nearly 10 percent so far this week, Apple Inc shares were down 2.5 percent at $533.59 on Friday.

Copyright Reuters, 2012