Stocks closed marginally higher on Friday with mixed data on
consumer spending and sentiment helping offset rising geopolitical
risks from Russian aggression in Ukraine and possible U.S. military
action in Syria. While the long holiday weekend resulted in very
thin volumes, all three major indices managed to close on the plus
side. The S&P 500 clung to the 2000 level for nearly the entire
session after drifting off the record high of 2005 midday, while
the Nasdaq also pulled off its 14-year high but held onto a
respectable gain into the close. All three indices, however, are
higher for the fourth consecutive week, ending the month on the
As August draws to a close, the Dow Jones Industrial was 3%
higher for the month while the S&P 500 climbed 3.8% and the
Nasdaq notched a 4.0% monthly advance.
Trading was uneventful, belying a day full of normally
market-moving events. Consumer spending unexpectedly declined
during July while there was only anemic improvement in personal
income last month. The pre-market data resulted in a lower open,
but the markets rebounded on a much stronger-than-expected increase
in the Chicago Purchasing Managers Index and the Reuters/University
of Michigan consumer sentiment index rising to a seven-year
But stocks drifted off their session highs the afternoon after
the UK raised their terror threat level to severe as a result of
increased risks from Iraq and Syria. Reaction, however, was
tempered by strong support in the S&P 500 at 2000 as well as
upbeat earnings from Splunk (
) and Avago (
) that helped underpin the Nasdaq.
Commodity prices were mixed with gold losing $2.80 in value per
ounce, oil up $1.30 per barrel and the dollar higher against all
the major currencies. The yield on the 10-year Treasury note edged
1 basis point higher to 2.35%.
Here's where the U.S. markets stood at the close:
Dow Jones Industrial Index was down 18.88 (+0.11%) at
S&P 500 was up 6.63 (+0.33%) at 2,003.37
Nasdaq Composite Index was up 22.58 (+0.50%) at 4,580.27
FTSE 100 was up 0.20%
Hang Seng Index was unchanged
Shanghai China Composite Index was up 0.97%
(+) NCTY, Enters license deal with System Link for 'Firefall'
game in China.
(+) CRTO, France's Publicis Groupe in talks to buy Criteo
(+) UTHR, Wins patent infringement lawsuit against Sandoz.
(-) FRO, Continues to decline after warning on Thursday it may
not be able repay a $190 million convertible bond loan coming due
(-) KNDI, Announced plans for a private placement of 4.12
million shares at around $20.60 apiece, a 7.7% premium to
Thursday's closing price of $19.12 a share.
(-) UBIC, Acquires outstanding shares of TechLaw Solutions.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.