GLOBAL MARKETS-Wall St closes up but ends week lower, Europe stocks down

Fri Jun 27, 2014 5:31pm EDT

* Second week of losses in three for U.S. stocks
    * U.S. 10-year yield near 3-week low, gold up on week
    * Brent oil posts biggest weekly drop in a month

 (Updates with closing prices)
    By David Gaffen and Barani Krishnan
    NEW YORK, June 27 (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 for a second week of losses.
    Stocks on Wall Street rebounded in late trading, led by
technology stocks such as Apple Inc, 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 rose 5.71 points, or
0.03 percent, to end at 16,851.84. The S&P 500 gained
3.74 points, or 0.19 percent, to finish at 1,960.96. The Nasdaq
Composite 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 
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
 was at 428.10, up 0.2 percent on the day but
down 0.3 percent on the week.
    Gold 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 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)
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