Consumer sentiment reached a five-month high in June.
U.S. stocks posted weekly losses Friday as slippery negotiations between Greece and its lenders failed to produce a decisive agreement.
Most of the main indexes finished the day lower even as the Dow industrials got a boost from Nike Inc. NKE, +2.77% , which soared more than 4% a day after a better-than-expected earnings report. Its advance was responsible for more than half of the Friday gain by the price-weighted blue-chip benchmark .
Elsewhere, a report showing consumer sentiment rising in June to its highest level in five months, topping a consensus forecast, helped provide support for equities, but hand wringing over Greece’s fate kept stocks in check.
“The market is modestly higher year-to-date, despite all the bad news, including a weak economy during the first quarter, the Greece situation and geopolitical news. And when you add dividends, the return during the first half is pretty good,” said Bruce Bittles, chief investment strategist at R.W. Baird & Co.
The S&P 500 SPX, +2.36% closed less than a point lower at 2,101.50 and recorded a 0.4% loss over the week.
The tech-heavy Nasdaq Composite COMP, +2.40% ended the day down 31.68 points, or 0.6%, at 5,110. It declined 0.7% over the course of the week.
The Dow Jones Industrial Average DJIA, +2.17% rose 57.12 points, or 0.3%, ending the week at 17,947.48. It fell 0.4% on the week.
“[W]e are cautious because valuations are stretched, and the fact the utilities and transports are down more than 10% is worrisome. If the S&P 500 falls below 2,070, we will rethink our bullish case for stocks. But until then, we will give it benefit of the doubt,” Bittles said.
surged shortly before the close as the Russell indexes go through their annual routine of adding and removing stocks. According to FactSet, daily volume on the stock exchanges was the year’s sixth highest.
For the better part of the week, the Greek drama has kept investors anxious. The Eurogroup of finance ministers will meet again Saturday in a last-ditch effort to hammer out a deal before Greece has to repay 1.54 billion euros ($1.73 billion) to the International Monetary Fund on Tuesday.
European stock markets closed mostly higher Friday, with the Stoxx Europe 600 index SXXP, +3.46% gaining 0.1% to 396.85.
U.S. data: Consumer sentiment rose to a final June reading of 96.1, a five-month high, rebounding from a drop in May, according to reports on the University of Michigan gauge released Friday. Economists polled by MarketWatch had forecast a reading of 94.6.
Movers and shakers: Shares of Micron Technology Inc. MU, +9.19% slumped 18% after the semiconductor company late Thursday reported a drop in third-quarter earnings .
Hospital and health-insurance stocks continued to rally after the Supreme Court ruled Thursday that “Obamacare” subsidies were constitutional. Tenet Healthcare Corp THC, +4.77% gained 2.8%.
Other markets: In Asia, China’s Shanghai Composite Index SHCOMP, +5.34% slid more than 7% on ongoing concerns that the market is overvalued after an impressive bull run earlier in the year.
Investors sold off Treasurys, sending the yield on the 10-year note TMUBMUSD10Y, +0.37% up 6 basis points to 2.47%. Oil futures US:CLQ5 fell for a third straight session, settling 0.1% lower at $59.63. Gold futures GCQ5, -0.45% settled a touch higher at $1,173.20 but still recorded a weekly loss. The dollar DXY, +0.60% edged higher and booked its first weekly rise in four weeks.
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