* S&P on track to end June lower, but positive for quarter
* Accenture and BlackBerry both tumble after results
* Molycorp climbs after SEC investigation
* Dow down 0.1 pct, S&P 500 flat, Nasdaq up 0.2 pct
By Ryan Vlastelica
NEW YORK, June 28 U.S. stocks were flat on
Friday, with investors finding little reason to push shares
higher after a three-day rally on the S&P 500, which was on pace
to end a seven-month rally.
Trading was volatile, with shares opening lower and falling
steadily before rebounding. Technology shares were among the
weakest of the day, pressured by weak corporate results, but the
losses were offset by strength in energy and material shares.
Cyclical groups, which includes materials and are tied to
the pace of economic growth, have rallied this week on easing
concerns that the Federal Reserve's stimulus program - which has
been widely credited with fueling the market's gains this year -
would soon end.
Last week, Fed Chairman Ben Bernanke suggested the policy
could be slowed if the economy improves, resulting in a sell-off
of nearly 5 percent, though that subsequently dissipated on
signs that the end of stimulus efforts wasn't imminent.
"The market is continuing to adjust as we try and figure out
what's going on with respect to Fed policy, and we should
continue to see volatility as things gets sorted out," said Rex
Macey, who helps oversee $20 billion in assets as chief
investment officer at Wilmington Trust in Atlanta, Georgia.
"We're cooling off a little bit after a few days of strong
For the month of June, the Dow is down 0.8 percent, the S&P
is down 1.1 percent and the Nasdaq is down 1.4 percent. Both the
S&P and Nasdaq are on track to end a seven-month rally, while
the Dow is on track to end a six-month jump.
An index of technology shares fell 1.2 percent on
Friday as the worst performing S&P sector.
Accenture PLC tumbled 13 percent to $69.76 as the
biggest drag on the S&P after cutting its full-year outlook. The
results also put a dent in shares of competitor IBM,
which dropped 3.3 percent to $189.17 as the biggest weight on
Energy and material shares advanced, with Newmont Mining
up 5.3 percent to $29.17 and Nextera Energy up
1.5 percent to $81.61.
The Dow Jones industrial average was down 21.50
points, or 0.14 percent, at 15,002.99. The Standard & Poor's 500
Index was down 0.19 point, or 0.01 percent, at 1,613.01.
The Nasdaq Composite Index was up 5.94 points, or 0.17
percent, at 3,407.80.
The S&P 500 is up 2.6 percent over the prior three sessions
as economic data and comments from U.S. Federal Reserve
officials soothed worries over an earlier-than-expected reining
in of stimulative bond purchases by the Fed. For the week, the
index is up 1.3 percent, ending a two-week string of declines.
The Dow is up 1.4 percent on the month while the Nasdaq is up
For the second quarter, the Dow is up 2.9 percent, the S&P
is up 2.7 percent and the Nasdaq is up 4.3 percent. Newmont
Mining was the S&P's weakest performer in the quarter, down 34
percent, while First Solar was the strongest, jumping
The Thomson Reuters/University of Michigan's final reading
on the overall index on consumer sentiment was 84.1 points,
slightly below a near six-year high of 84.5 in May. Economists
polled by Reuters had forecast a final June reading of 82.8.
The June Chicago Purchasing Management Index fell to 51.6 in
June, below expectations.
U.S.-listed shares of Research in Motion plunged 27
percent to $10.57 after the BlackBerry maker offered few signs
of a long-promised turnaround on Friday. It reported an
unexpected quarterly operating loss, a dearth of details on
sales of its make-or-break new line of devices and no return to
profit expected in the current quarter.
Molycorp Inc jumped 6.8 percent to $5.99 after the
rare earths producer said the U.S. Securities and Exchange
Commission completed an investigation into the company and
didn't recommend enforcement action.
Arch Coal Inc gained 2.2 percent to $3.68 after the
company agreed to sell its Canyon Fuel subsidiary for $435
million in cash.
Investors can expect a surge of volume at the close Friday
when Russell Investments is due to set the final update for the
annual reconstitution of its indexes.