Investing.com - U.S. stocks rose on Friday after President
Barack Obama ruled out sending troops into Iraq to help quell a
rebellion there, though concerns that insurgents will arrive at the
outskirts of Baghdad later in a matter of days capped gains.
At the close of U.S. trading, the Dow 30 rose 0.25%, the S&P
500 index rose 0.31%, while the NASDAQ Composite index rose
The Volatility S&P 500 index, which measures the outlook for
market volatility, was down 3.03% at 12.18.
Wall Street continued to track a rebellion in Iraq led by a
Sunni Islamist group that threatened to take Baghdad after
capturing key cities elsewhere in the country.
Investors breathed a sigh of relief, however, after U.S.
President Barack Obama said he won't sent troops to Iraq and added
oil continues to flow normally out of the country, which boosted
stock prices, though concerns insurgents may reach the outskirts of
Baghdad before the U.S. can provide logistical support watered down
gains as did soft data.
In a preliminary report, the Thomson Reuters/University of
Michigan consumer sentiment index fell to 81.2 this month from 81.9
in May, whose figure was revised up from a previously estimated
reading of 81.8. Analysts had expected the index to rise to 83.0 in
Also on Friday, official data showed that U.S. producer price
inflation fell 0.2% in May, confounding expectations for a 0.1%
rise, after a 0.6% increase the previous month.
Core producer price inflation, which excludes food, energy and
trade, slipped 0.1% last month, compared to expectations for an
increase of 0.1%, after a 0.5% rise in April.
In other news, Priceline Group said it would acquire the online
restaurant reservation service OpenTable Inc (NASDAQ:OPEN) for $2.6
Tech shares rallied after chipmaker Intel Corporation
(NASDAQ:INTC) hiked its second-quarter revenue outlook.
Leading Dow Jones Industrial Average performers included Intel
Corporation (NASDAQ:INTC), up 6.81%, Microsoft Corporation
(NASDAQ:MSFT), up 1.59%, and Exxon Mobil Corporation (NYSE:XOM), up
The Dow Jones Industrial Average's worst performers included
Wal-Mart Stores Inc (NYSE:WMT), down 0.60%, Home Depot Inc
(NYSE:HD), down 0.52%, and UnitedHealth Group Incorporated
(NYSE:UNH), down 0.35%.
European indices, meanwhile, ended the day largely lower.
After the close of European trade, the DJ Euro Stoxx 50 rose
0.01%, France's CAC 40 fell 0.24%, while Germany's DAX fell 0.26%.
Meanwhile, in the U.K. the FTSE 100 fell 0.95%.
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