TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Markets' bumpy month ends with a dip

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Saturday, June 29, 2013, 12:01 a.m.
 

NEW YORK — Given the wild trading of late, it was a calm close to the month.

After flitting between tiny gains and losses most of Friday, the stock market closed mostly lower, a peaceful end to the most volatile month in nearly two years.

“It's a dull Friday,” said Gary Flam, a stock manager at Bel Air Investment Advisors. A bull market, he added, is “rarely a straight march up.”

The Standard & Poor's 500 index ended its bumpy ride in June down 1.5 percent, the first monthly loss since October. Still, the index had its best first half of a year since 1998 — up 12.6 percent.

Investors still seem unsure how to react to recent statements by Federal Reserve officials about when the central bank might end its support for the economy.

Mixed economic news added to investors' uncertainty Friday. An index of consumer confidence was almost unchanged, but a gauge of business activity in the Chicago area plunged.

“Investors don't know what to make of the news,” said John Toohey, vice president of stock investments at USAA Investment Management. “I wouldn't be surprised to see more ups and downs.”

The S&P 500 stock index closed down 6.92 points, or 0.4 percent, to 1,606.28. The Dow Jones industrial average fell 114.89 points, or 0.8 percent, to 14,909.60. The Nasdaq composite index rose 1.38 points, or 0.04 percent, to 3,403.25.

Subscribe today! Click here for our subscription offers.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. As banking goes mobile, branch closures rip through local economy
  2. 8th-grader gets venture capital for inexpensive Braille-printer
  3. Plus-size fashion bloggers recruited
  4. Taxpayer clinics fill IRS void
  5. Cheap gas lets small business dream big
  6. Decoding mutual funds jargon
  7. MSA Safety products in demand to protect workers in dangerous jobs
  8. Super Bowl ads win by playing to viewers’ emotions, experts say
  9. U.S. Steel warns it may lay off almost 2,000 workers in Alabama, Texas
  10. Kennametal plans plant closings, job cuts in fallout from oil and gas decline
  11. Consol Energy posts $74M profit in fourth quarter