Stocks closed mixed in a quiet trading session on Friday.
Investors were focused on numerous earnings reports during the
day and a couple of economic reports that offered a mixed view of
The final revision to the University of Michigan Consumer
Sentiment Index came in well above consensus estimates, but was
still down from March. Also, the advanced GDP report showed that
the economy grew 2.5 percent in the first-quarter of 2013, but
this was less than had been anticipated.
Overall, the Dow Jones Industrial Average eked out a small
gain while the S&P and Nasdaq both closed the day lower.
The Dow Jones Industrial Average rose 12 points, or 0.08
percent, to 14,713.
The S&P 500 fell 3 points, or 0.18 percent, to close at
The Nasdaq Composite shed 11 points, or 0.33 percent, to
GDP - Advanced Report
According to the advance report, GDP rose at an annualized
rate of 2.5 percent for the first-quarter of 2013. This was above
the 0.4 percent rate for the fourth-quarter of 2012, but below
consensus expectations of a 2.8 percent gain.
Consumption spending was up 3.2 percent in the quarter and
contributed 2.2 percentage points to overall GDP growth.
University of Michigan Consumer Sentiment
The final reading for the University of Michigan Consumer
Sentiment Index was revised up to 76.4 from 72.3 for April. This
was still a decline versus 78.6 in March and the weakest reading
since January. The consensus estimated that the index would be
close to unchanged at 72.4.
Crude oil futures fell on Friday to close out the week. Near
the closing bell, NYMEX crude futures were down 0.81 percent to
$92.88. Brent crude contracts had lost 0.44 percent to $102.95.
Natural gas was last trading down 0.36 percent to $4.15.
Metals prices also fell on Friday. COMEX gold futures had lost
0.31 percent to $1,457.50 while silver futures fell around 1
percent to $23.95. Copper was the biggest loser on the session,
falling better than 1.80 percent.
Both corn and wheat traded lower on Friday. At last check,
corn futures were down around 0.75 percent and wheat had lost
1.60 percent. Movers in the soft commodity complex included
coffee, which was down 2.50 percent, and orange juice, which fell
more than 3 percent.
Bonds jumped to close out the trading week. The iShares
Barclays 20+ Year Treasury Bond ETF (NYSE:
) rose 0.85 percent to $123.31 near the closing bell. Yields fell
on the day as prices moved higher.
The yield on the 2-Year Note fell one basis point to 0.22
percent. The 5-Year Note yield lost three basis points to 0.68
percent. The 10-Year Note yield and 30-Year Bond yield fell four
basis points to 1.67 percent and 2.87 percent, respectively.
The U.S. dollar was moderately lower on Friday. At last check,
the PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was down 0.36 percent to $22.43.
The closely watched EUR/USD was last trading up 0.08 percent
to $1.3027. The USD/JPY pair plunged more than 1 percent on the
day and the greenback also fell 0.32 percent versus the Canadian
Volatility and Volume
Volatility expectations were very slightly lower late on
Friday. At last check, the VIX had fallen 0.37 percent to
Volume was very light to close out the week. Less than 82
million SPDR S&P 500 ETF (NYSE:
) shares traded hands on the session compared to a 3-month daily
average of 129 million.
Shares of struggling retailer J.C. Penney (NYSE:
) were up around 12 percent near the close after Goldman Sachs
arranged $1.75 billion in financing for the company. The stock
also reacted positively to news that George Soros has acquired a
7.91 percent passive stake in the retailer.
VCA Antech (NASDAQ:
) rose almost 11 percent on Friday after the company's fiscal
first-quarter earnings results.
) surged more than 9 percent on the session after the stock was
upgraded from Neutral to Outperform at Robert W. Baird.
Qlik Technologies (NASDAQ:
) rose around 10 percent after the company posted better than
expected first-quarter financial results.
) fell around 12 percent after the company's first-quarter
results missed its own estimates and it lowered its full-year
National Instruments (NASDAQ:
) fell roughly 11 percent after disappointing first-quarter
) lost more than 10 percent after the company reported earnings
and revenue well below analysts' consensus prior to the opening
) reported a wider-than-expected first-quarter loss and a muted
outlook, sending its shares down around 10 percent on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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