Close Update: Stocks Stage Late Rebound; Dow, S&P 500 Lower for Week, Nasdaq Gains
Stocks made a last ditch effort to close higher on Friday after trading lower for most of the day as the annual Russell rebalancing fuels anticipation for a last minute surge in volume and demand for equities. Wall Street spent most of the day holding modest losses as a result of geo-political jitters, end of quarter profit-taking and lingering worries that the tenuous economic rebound can't tolerate higher energy prices. This was magnified by a heavy economic calendar next week which culminates in June non-farm payrolls on Thursday.
The broad S&P 500 was down 0.1% for the week; the DJIA fell 0.6%. The Nasdaq Composite logged a 0.7% weekly gain.
Technology stocks outperformed with gains in internet and semiconductor stocks offsetting losses for the biotech sector, allowing the Nasdaq to close higher for the second straight week.
In economic news, Reuters/Univ of Michigan reported an improvement in consumer sentiment as their index was revised to 82.5 in June from 81.2, beating estimates for a gain to 81.9.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 5 points (+0.03%) at 16,851
S&P 500 was up 3 points (+0.2%) at 1,960
Nasdaq Composite Index was up 18 points (+0.4%) at 4,397
FTSE 100 was up 0.34%
Nikkei 225 was down 1.39%
Hang Seng Index was up 0.10%
Shanghai China Composite Index was down 0.11%
(+) COOL Positive Seeking Alpha article endorsing long-term value of stock
(+) DRWI, DWI.TO CIBC upgrades to Sector Perform, Seeking Alpha blog
(+) TARO Investors Business Daily calls the stock a technical buy
(-) VRSN Downgraded to Market Perform at Wells Fargo
(-) ANAD Reports Q2 revenue guidance and announces a restructuring plan
(-) SINO Prices its previously announced underwritten public offering at $1.76 per share