Stocks notch gains, end week lower
NEW YORK — Summertime settled into Wall Street on Friday as major stock indexes drifted slightly higher going into the weekend. The listless day of trading left the stock market with a tiny loss for the week, its second this month.
A handful of corporate results drove trading in some big names. Warnings of weaker earnings pushed DuPont down, while stronger results pushed Nike up. But the overall market was essentially flat.
“The fact is it's the summer, and there isn't much happening,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.
That could change quickly. Turmoil in the Middle East could easily rattle U.S. markets, especially if the fighting in Iraq drives oil prices too high, Ablin said. Rising tensions between Ukraine and Russia remain a concern.
“The risk in the summer typically isn't financial; it's political,” he said. “This summer, it's geopolitical: Iraq and Ukraine.”
The Standard & Poor's 500 index edged up 3.74 points, or 0.2 percent, to close at 1,960.96. The most widely used benchmark for stock funds dropped 1.91 points for the week, a loss of 0.1 percent.
The Dow Jones industrial average rose 5.71 points, less than 0.1 percent, to close at 16,851.84, while the Nasdaq composite climbed 18.88 points, or 0.4 percent, to 4,397.93.
Many investors have been waiting for the market to take a break from its long climb. The S&P 500 has gained 5.8 percent in three months and reached its latest all-time high on June 20, one week ago.
In Friday trading, Michaels Companies made a minor gain in its return to the stock market. Bain Capital and the Blackstone Group, two private equity firms, bought the operator of arts and crafts stores in 2006 and returned it to investors in a $472 million initial public offering. Much of the money raised in the IPO will be used to pay down debt. The company's stock rose 2 cents to $17.02, just 2 cents above its IPO price.
DuPont declined $2.26, or 3 percent, to $65.44. The company cut its profit forecast late Thursday as a result of weaker sales of corn seeds.
Nike gained 82 cents, or 1 percent, to $77.68 after reporting earnings late Thursday that beat Wall Street's expectations. Stronger worldwide sales offset marketing costs for the World Cup soccer tournament. Nike provided the outfits for 10 national teams, including Team USA, for the World Cup in Brazil.
Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.53 percent.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Smartphones expected to overtake desktops for holiday shopping
- Signs of steady U.S. economy: Pay, home sales up, unemployment applications down
- Nutritional supplement makers, led by GNC, want to create voluntary safety standards
- Many Black Friday deals not worth the hassle
- Take steps to make it harder for holiday hackers
- Stocks finish flat before Thanksgiving holiday; energy firms give back some gains
- Hedge fund Elliott Management grabs 6.4 percent stake in Alcoa
- Union leaders warn Post-Gazette newsroom of possible layoffs
- Covestro leader MacCleary finds stability amid change
- Stocks shake off Middle East tensions, drop in consumer confidence
- Mall stores required to open for Thanksgiving