June 27, 2014 / 9:44 AM / 5 years ago

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

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.

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

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.

For the week, the Dow fell 0.6 percent and the S&P 500 dipped 0.1 percent. The Nasdaq added 0.7 percent for its sixth weekly rise in the past seven.

The 10-year benchmark yield was at 2.5340 percent, after hitting a low of 2.507 percent earlier in the day.

Europe’s main stock indicator, the FTSEurofirst300 .FTEU3 settled at 1,371.28, flat on the day, but down 1.7 percent for its first weekly loss in 10 weeks. The MSCI world stocks gauge .MIWD00000PUS was at 428.10, up 0.2 percent on the day but down 0.3 percent on the week.

Gold XAU= had a fourth straight weekly gain to above $1,316 an ounce, as geopolitical unrest in Iraq and Ukraine boosted the precious metal’s appeal and soft U.S. data weakened the dollar.

Brent crude oil LCOc1 settled at $113.30 a barrel, up 0.1 percent on the day but down 1.4 percent on the week for its worst week in a month as fighting in Iraq stayed away from the country’s south, where most of its oil is produced.

Reporting by Barani Krishnan and David Gaffen in New York; Additional reporting by Marc Jones in London; Editing by Chizu Nomiyama, Meredith Mazzilli and Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below