NEW YORK-  Momentum has slowed on Wall Street after the surge at the end of 2013, but the stock market’s tally at week’s end was still respectable, even if not outstanding.

While the market spent much of the week in the red, two of the three indices still finished in positive territory for the first full week of trade of 2014.

The Dow Jones Industrial Average dipped 32.94 (0.20 percent) to end at 16,437.05. The broad-based S&P 500 rose 11.00 (0.60 percent) to 1,842.37, while the tech-rich Nasdaq Composite Index added 42.75 (1.03 percent) at 4,174.66. “We’ve had a soggy start to the year, but we haven’t had a bearish start,” said Mace Blicksilver, director at Marblehead Asset Management.

“The market is still kind of digesting last year’s gains, which were two year’s worth of gains.” Analysts described a bit of a hangover-type atmosphere to early January trade after the market repeatedly rocketed to new records in the last weeks of 2013. The S&P 500 gained nearly 30 percent in 2013.  “People are taking a breather,” said Brent Schutte, market strategist at BMO Private Bank. Investors received a shock Friday when the Labor Department’s much-watched monthly employment report said the US added just 74,000 jobs in December, well below the 197,000 expected by analysts.

The result followed several solid data releases in recent weeks, including a strong employment report only two days ago from payrolls firm ADP.

Stocks plunged into negative territory for much of the day before rallying on sentiment that US Federal Reserve was now less likely to aggressively scale back stimulus. Analysts also said the December jobs report could be revised in subsequent months. Some analysts also fretted over a dreary kickoff to corporate earnings season.  Aluminum producer Alcoa reported a $2.3 billion loss following a $1.7 billion write-down and operating results that missed expectations.

A spate of retailers gave mostly downcast assessments of the holiday shopping season, which typically accounts for between 20 and 40 percent of a retailer’s sales. Victoria’s Secret parent L Brands and home decor chain Pier 1 Imports slashed their earnings forecasts due to weak sales, while Bed, Bath & Beyond and Family Dollar also underperformed.

At week’s end, Target announced that it too was trimming its fourth-quarter earnings forecast after a giant hacking theft of customer financial data depressed store traffic during the holiday season critical for retailers. “We were cautious heading into the holiday season,” said R.J. Hottovy, senior retail analyst at Morningstar.

But the surprisingly bad results from Bed, Bath & Beyond and others suggests “the pressures were a lot more widespread than we initially thought,” Hottovy said.

An unusually high proportion of companies have warned of disappointing earnings ahead of the coming quarter, said Sam Stovall, chief investment strategist at S&P Capital IQ.

About eight companies project earnings disappointments for every company that forecasts a positive surprise, Stovall said. Usually, this ratio is much more even.

Analysts say earnings growth has become more important to continuing the market rally now that stocks stand at higher valuations.

The corporate calendar includes earnings releases from major banks, including JPMorgan Chase and Citigroup, as well as Intel and General Electric.

Blicksilver said investors are keen to hear big banks’ outlook of the 2014 economy and whether they see any end in sight to the stream of major settlements to litigation over the mortgage debacle and other ills of the 2008 crisis.

Investors will also keep watch on some major economic releases, including the December retail sales report and the December consumer and producer price indices, which could shed light on whether inflation is any closer to the benchmark targeted by the Fed.