* S&P 500 on track to end June lower, but positive for
* Accenture and BlackBerry both tumble after results
* Molycorp climbs after SEC investigation ends
* Dow down 0.4 pct, S&P 500 off 0.1 pct, Nasdaq up 0.1 pct
By Ryan Vlastelica
NEW YORK, June 28 U.S. stocks edged mostly lower
in a volatile session on Friday, with investors finding little
reason to push shares higher after a three-day rally.
Shares fluctuated between steep losses and modest gains,
trading flat for much of the session before pulling back.
Technology shares were among the weakest of the day, pressured
by weak corporate results, but the losses were partially offset
by strength in energy and material shares.
Cyclical groups, which include materials and are tied to the
pace of economic growth, have rallied this week on receding
concerns that the Federal Reserve's stimulus program - widely
credited with fueling the market's gains this year - would end
Last week, Fed Chairman Ben Bernanke suggested the policy
could be slowed if the economy improves, resulting in a selloff
of nearly 5 percent, though that subsequently dissolved on signs
that the end of the stimulus program wasn't imminent.
On the last trading day of June, both the S&P 500 and Nasdaq
are on track to end a seven-month rally, while the Dow is set
to end a six-month surge.
"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 get sorted out," said Rex
Macey, who helps oversee $20 billion in assets as chief
investment officer of Wilmington Trust in Atlanta.
"We're cooling off a little bit after a few days of strong
action," Macey added.
For the month of June, the Dow is down 1 percent, the S&P
500 is down 1.3 percent and the Nasdaq is down 1.6 percent.
An S&P index of technology shares fell 0.5 percent
on Friday and ranked as one of the worst-performing S&P sectors.
Accenture PLC tumbled 10.8 percent to $71.55,making
it the biggest drag on the S&P 500 after the company cut its
full-year outlook. The results also put a dent in shares of
competitor IBM, which dropped 2.8 percent to $190.16.
IBM was the biggest weight on the Dow.
Energy and material shares advanced, with Newmont Mining
up 7 percent at $29.65 and Nextera Energy up 1.5
percent at $81.66.
The Dow Jones industrial average was down 52.11
points, or 0.35 percent, at 14,972.38. The Standard & Poor's 500
Index was down 1.41 points, or 0.09 percent, at 1,611.79.
The Nasdaq Composite Index was up 4.66 points, or 0.14
percent, at 3,406.52.
The S&P 500 has climbed 2.6 percent over the previous three
sessions as economic data and comments from U.S. Federal Reserve
officials soothed worries about an earlier-than-expected
pullback of the Fed's stimulative bond purchases.
For the week, the S&P 500 is up 1.1 percent, ending a
two-week string of declines.
The Dow is up 1.2 percent for the week, while the Nasdaq is
up 1.4 percent.
For the second quarter, the Dow is up 2.7 percent, the S&P
500 is up 2.6 percent and the Nasdaq is up 4.1 percent.
Newmont Mining was the S&P 500's weakest performer in the
second quarter, down 34 percent, while First Solar was
the strongest, jumping 65 percent.
Friday's economic data showed that consumer optimism
remained high in June. The Thomson Reuters/University of
Michigan's final reading for June 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.
But a closely watched gauge showed that manufacturing
activity declined in the Midwest this month. The Chicago
Purchasing Manager Index fell in June to 51.6, below
U.S.-listed shares of Research in Motion plunged
25.6 percent to $10.78 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 8 percent to $6.06 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 4.7 percent to $3.77 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 on
Friday when Russell Investments is expected to set the final
update for the annual reconstitution of its indexes.