Wall Street closes up but ends week lower, Europe stocks down

Fri Jun 27, 2014 7:37pm EDT
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By David Gaffen and Barani Krishnan

NEW YORK (Reuters) - U.S. stocks erased early losses to close up on Friday but still finished the week lower on mixed economic data, while European equities had their first weekly drop since April on worries over Iraq and Ukraine.

U.S. Treasuries yields eased at the end of a week of steady price gains for government bonds, fueled by increasing worries that economic growth in the world's No. 1 economy may be slower than policymakers believe.

Worries about the economy persisted despite U.S. consumer sentiment rising more than expected in a final June reading of a Thomson Reuters/University of Michigan poll issued on Friday.

The dollar fell a quarter percent against a basket of major currencies .DXY for a second week of losses.

Stocks on Wall Street rebounded in late trading, led by technology stocks such as Apple Inc AAPL.O, while a downbeat second-quarter forecast from DuPont Co limited gains.

The S&P 500 finished in striking distance of the intraday record high it hit on Tuesday. But some held their breath in the prelude to the earnings period that will start in the next two weeks, which will provide clues on whether the economy and profits are both picking up.

"Prices have finally achieved a certain valuation level that has become increasingly uncomfortable for market participants in the absence of further decisive evidence that the economy is on the right track," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

The Dow Jones industrial average .DJI rose 5.71 points, or 0.03 percent, to end at 16,851.84. The S&P 500 .SPX gained 3.74 points, or 0.19 percent, to finish at 1,960.96. The Nasdaq Composite .IXIC advanced 18.88 points, or 0.43 percent, to close at 4,397.93.   Continued...

Traders work on the floor of the New York Stock Exchange June 24, 2014. REUTERS/Brendan McDermid