Closing Update: Stocks Flatline Friday, Gain for Week

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At the end of a mostly uneventful session, stocks closed roughly unchanged after touching new record highs at the open. Without the benefit of economic data or major breaking corporate news, momentum was indecisive. Yield-hungry investors moved from equities to Treasuries midday, but the move eventually evaporated, leaving the 10-year yield back above a psychologically significant 3.00%, and stocks off session lows.

But although the intra-day action was lackluster, this week ends on another strong note with all three major indices ending on the plus side for the second consecutive week and with new record highs on a weekly basis. Now that the uncertainty surrounding the start of a tapering of monthly asset purchases is over, bullish economic data and its implication on earnings has fueled demand for U.S. equities. This week saw better than expected data on durable goods orders, home prices and the job market, all of which contributed to this week's gains in both the stock market and U.S. dollar. The Nasdaq logged a 1.3% weekly gain; the DJIA broke its six-day winning streak but is up 1.6% for the week; the S&P 500 snapped a four-day streak but ended up 1.3% for the week.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was down 1.47 (-0.01%) at 16,478.41

S&P 500 was down 0.62(-0.03%) at 1,841.40

Nasdaq Composite Index was down 10.59 (-0.3%) at 4,156.59

GLOBAL SENTIMENT

FTSE 100 was up 0.85%

Nikkei 225 was up 0.03%

Hang Seng Index was up 0.27%

Shanghai China Composite Index was up 1.36%

UPSIDE MOVERS

CUDA Hit another record high following an endorsement of the stock from BMO Capital on CNBC

MCP Broke out of recent range to pierce the 50-day moving average at $4.90

WPCS Released a public beta version of the BTX Bitcoin trading platform

DOWNSIDE MOVERS

IFON Reverses course after Thursday's 34% rally

GIB, GIB.A, GIB.A.TO Massachusetts officials announced this week that they have undertaken a review of legal options in the CGI-supported health insurance website registration fiasco

TWTR Macquarie downgrades Twitter to underperform



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

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