By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- A late-afternoon rally on Wall Street
led by tech and small companies sent U.S. stocks into positive
territory on Friday.
Analysts attributed increased buying in the afternoon to the
end-of-quarter rebalancing of portfolios by institutional
investors.
Friday's modest gains capped weekly losses on the S&P 500
and Dow Jones. The Nasdaq Composite, which outperformed other
markets on Friday, recording a second consecutive weekly gain.
The S&P 500 (SPX) closed 3.90 points, or 0.2%, higher at
1,961.01. The index fell 0.1% for the week.
The Dow Jones Industrial Average (DJI) ticked up 6.36 points to
16,852.49. The weekly loss was 0.6%.
The Nasdaq Composite (RIXF) ended the day up 18.88 points, or
0.4% at 4,397.93. It gained 0.7% over the past week.
The Russell 2000 (RUT) gained 8.79 points, or 0.7%, to 1,189.50.
The index, which adjusts its components once a year, rebalanced on
Friday, spurring increased trading activity. Why stock volume's
going to go crazy at the close.
In Friday's sole release of economic data, consumer sentiment
rose to a final June reading of 82.5 from a final May level of
81.9, according to Friday reports on the gauge from the University
of Michigan and Thomson Reuters.
Kim Caughey Forrest, senior equity analyst at Fort Pitt Capital,
said that despite the consumer sentiment data, consumers are still
squeezed.
"Disappointing numbers from retailers should work as a yellow
sign of caution that consumers are not getting better. Until we get
wage growth and jobs growth, investors should be cautious about the
economy accelerating," Forrest said.
Nike Inc. (NKE): The maker of sporting apparel and gear reported
stronger-than-expected earnings for the fiscal fourth quarter, as
revenue grew across almost all its main markets. Shares rose
1.1%.
Finish Line Inc.(FINL): The sports company posted fiscal
first-quarter results that topped forecasts. Shares jumped
1.4%.
GoPro Inc.(GPRO): The maker of digital sports cameras saw its
shares jump more than 30% in its first day of trading, closing at
$31.34. Shares were up 14%. Read: Is GoPro IPO the next Facebook --
or Twitter? Vote in our poll
Dollar General Corp (DG): The discount store chains said that
Chairman and Chief Executive Rick Dreiling plans to retire by next
year. Shares fell 7.3%.
The Michaels Cos.(MIK): The arts and crafts retailer was flat on
its first day of trading at $17.02 a share. Also read: Mover and
Shakers.
In other markets, Asian stocks closed mostly lower, while
European benchmarks finished flat and notched biggest weekly loss
in two months. Oil(CLQ4) on Friday suffered a second straight
weekly loss as worries over the fate of Iraq's oil exports fade and
traders weighed healthy domestic U.S. crude supplies. Gold prices
(GCQ4) settled higher on Friday, recovering a little from the prior
day's decline to tally a mild weekly advance -- their fourth in a
row. while the dollar index (DXY) moved lower.
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