Wall Street ends mostly flat, but scores weekly gains

NEW YORK Fri Dec 27, 2013 6:06pm EST

1 of 2. Traders work on the floor of the New York Stock Exchange after the opening bell in New York, December 24, 2013.

Credit: Reuters/Carlo Allegri

NEW YORK (Reuters) - U.S. stock indexes closed mostly flat on Friday, with the Dow snapping a six-day streak of record closing highs after investors took a break from this week's rally.

Shares of Twitter Inc (TWTR.N), the social media company that has nearly tripled in value since going public in early November, slid 13 percent to close at $63.75 after investors took profits. Twitter was among the most actively traded stocks on the New York Stock Exchange on Friday.

The tech-heavy Nasdaq fell 0.25 percent, with leaders like Apple (AAPL.O) off 0.7 percent at $560.09 and Facebook Inc. (FB.O) down about 4 percent at $55.44. The Nasdaq has surged 37.7 percent this year, making it the best performer among the three major U.S. stock indexes.

"Consolidating a little bit here is probably healthy rather than continuing a march higher without taking a breath," said Joseph Benanti, managing director of Rosenblatt Securities in New York. "It's a healthy pause with some profit-taking."

Volume overall was light, as it has been all week. About 4 billion shares traded on U.S. exchanges, well below the average of about 6.1 billion this month, according to data from BATS Global Markets.

Both the Dow and the S&P 500 wrapped up a second straight week of solid gains. The S&P 500 posted its best two-week period since July, while the Dow marked its best two weeks since June 2012. The S&P 500 has soared 29.1 percent this year, on track for its best year since 1997. The Dow has climbed 25.8 percent this year, on track for its best year since 1996.

Sprint Corp (S.N) shares jumped 8.3 percent to $10.79, following speculation that a deal by Japan's SoftBank Corp (9984.T) to acquire U.S. wireless carrier T-Mobile US (TMUS.N) is closer to getting done. Sprint's stock also hit a 52-week high at $11.46 in Friday's regular session.

The Dow Jones industrial average .DJI fell 1.47 points or 0.01 percent, to end at 16,478.41. The S&P 500 .SPX dipped just 0.62 of a point, or 0.03 percent, to finish at 1,841.40. The Nasdaq Composite .IXIC dropped 10.59 points or 0.25 percent, to close at 4,156.59.

Friday's slight decline also halted the S&P 500's run of four record closing highs in a row.

For the holiday-shortened week, the Dow gained 1.6 percent, the S&P 500 added about 1.3 percent and the Nasdaq advanced about 1.3 percent. The U.S. stock market was closed on Wednesday for Christmas and trading had ended early on Tuesday.

In company news, Textron Inc (TXT.N) agreed to buy aircraft maker Beechcraft Corp for $1.4 billion in cash. Textron shares rose 1.1 percent to close at $36.61.

General Motors Co's (GM.N) China joint venture will recall close to 1.5 million vehicles because of potential safety issues in one of the biggest recalls in the world's biggest auto market. GM's stock fell 1.4 percent to end at $40.94.

Advancers outnumbered decliners on the NYSE by a ratio of about 8 to 7. On the Nasdaq, about 13 stocks fell for every 12 that rose.

(Refiles to add dropped word 'among' in second paragraph)

(Editing by Jan Paschal)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (3)
AlkalineState wrote:
“Wall Street Trades Flat.”

“Wall Street Holds On To Record Gains.”

Both are reporting on the same market, and both are headlines from today. Yet come across different :)

Dec 27, 2013 12:58pm EST  --  Report as abuse
Afrodo wrote:
If, I told you, the bull-sh, that S&P 500 is bubblier by 10% compared to last year; would you sell for profits on Monday?
~ If I told you, the bull-sh, that consumer credit is rising by more than 6% this year compared to standard 3% and debt to income is at 25%, height of 2008-09, would you sell for profit on Monday? Disclosure: THE F E D hates me because I am one of the few remaining Original Bears.

Dec 27, 2013 8:27pm EST  --  Report as abuse
AZreb wrote:
Why is the stock exchange used as a barometer of our economy when most of the big corporations on the board have outsourced their labor, built factories in other countries and pay little or no taxes to the US government?

Does this help our workers? Does this help the US Treasury?

Dec 29, 2013 8:07am EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.