Nasdaq ends at record; earnings, energy hit other indexes

Fri Jul 17, 2015 5:33pm EDT
 
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By Sam Forgione

NEW YORK (Reuters) - Wall Street's Nasdaq stock index ended at a record high on Friday on a rally in Google shares, while weak energy stocks and disappointing corporate results from companies such as Boeing and Volvo hit other European and U.S. indexes and the dollar rallied on strong U.S. inflation and housing data.

Google (GOOGL.O: Quote) surged 16.26 percent to end at an all-time high of $699.62, pushing the Nasdaq to a second straight record high. A 6.3 percent drop in Volvo (VOLVb.ST: Quote) shares and a halt to a Greece-driven relief rally stymied European shares, meanwhile, while a 1.1 percent drop in Boeing (BA.N: Quote) shares and a similar tumble in the S&P 500 energy index .SPNY weighed on the Dow and limited the S&P 500's gains.

Energy stocks slid on the back of a drop in oil prices, which later rebounded from their lows. In Europe, oil and gas shares ended 0.52 percent lower .

"Whenever we see oil tick down, people worry about global growth," said Karyn Cavanaugh, senior market strategist at Voya Investment Management in New York. She added that earnings "have been a little bit of a touch-and-go situation."

Forecast-beating corporate reports from mobile network supplier Ericsson (ERICb.ST: Quote), appliance maker Electrolux (ELUXb.ST: Quote) and Swiss fragrance firm Givaudan GIVN.VX helped European shares close mostly flat.

The U.S. dollar index .DXY, which measures the greenback against a basket of six major currencies, was last up 0.29 percent on Friday and notched its strongest weekly gain since May, of about 2 percent.

MSCI's all-country world equity index .MIWD00000PUS, was last down 0.05 percent at 431.96.

The S&P 500 .SPX closed up 0.11 percent, at 2,126.64 and the Dow Jones industrial average .DJI ended down 0.19 percent, at 18,086.45. The Nasdaq composite .IXIC ended up 0.91 percent, at 5,210.14.   Continued...

 
Traders work on the floor of the New York Stock Exchange July 16, 2015. REUTERS/Brendan McDermid