* Dow, S&P posts weekly loss after three weeks of gains
* Intel up on outlook, OpenTable soars on Priceline deal
* Iraq unrest drives up oil prices
* Indexes up: Dow 0.3 pct, S&P 0.3 pct, Nasdaq 0.3 pct
(Updates to close)
By Angela Moon
NEW YORK, June 13 U.S. stocks edged up on
Friday, boosted by bullish news from the tech sector, but major
indexes fell for the week as unrest in Iraq kept investors on
Intel Corp was one of the S&P 500's biggest gainers
and one of Nasdaq's most active names, but overall gains were
capped as investors kept a close watch on violence in Iraq that
drove oil prices to their highest since September.
Analysts are worried about the impact a protracted period of
high commodity prices could have on economic growth, especially
with indexes near record levels.
President Barack Obama said on Friday he needs several days
to determine how the United States will help Iraq deal with a
militant insurgency, but he ruled out sending U.S. troops back
into combat and said any intervention would be contingent on
Iraqi leaders becoming more involved.
"The situation in Iraq is another one of these geopolitical
flare-ups that have a short-term impact on the market. It will
continue to create volatility in the oil market, but I don't
think it will spill over that much to equities," said Randy
Frederick, managing director of trading and derivatives at
The CBOE Volatility index VIX, Wall Street's
so-called fear gauge, fell 3 percent to 12.18 on Friday.
Intel shares jumped nearly 7 percent to $29.87 a day after
the Dow component raised its full-year revenue outlook, citing
stronger-than-expected demand for personal computers used by
OpenTable Inc popped 48.3 percent to $104.48 in
heavy trading after Priceline Group Inc said it would
buy the company for $2.6 billion. Priceline fell 3 percent to
Among other Internet names, Yelp Inc jumped 13.8
percent to $74.92 and GrubHub Inc rose 7 percent to
The Dow Jones industrial average rose 41.55 points or
0.25 percent, to 16,775.74, the S&P 500 gained 6.05
points or 0.31 percent, to 1,936.16, and the Nasdaq Composite
added 13.02 points or 0.3 percent, to 4,310.65.
For the week, the Dow was down 0.9 percent, the S&P fell 0.7
percent and the Nasdaq was down 0.25 percent.
The week's decline was the first after three weeks of
consecutive gains on the S&P 500. For the year, the broad market
index is up about 4.8 percent.
Brent crude edged further above $113 a barrel on
Friday, up about $4 since the start of the week, on concerns
that an insurgency in Iraq could trigger civil war and
eventually hit oil exports.
In macroeconomic news, U.S. consumer sentiment unexpectedly
fell in June as views by consumers with the lowest incomes
soured, according to the preliminary June read from the Thomson
Reuters/University of Michigan's index.
Finisar Corp plunged 21.9 percent to $19.71 a day
after forecasting weaker-than-expected earnings, citing higher
capital expenditure in China.
Trading volume was at around 5.07 billion shares on U.S.
exchanges, below last month's average of about 5.76 billion,
according to data from BATS Global Markets.
(Reporting by Angela Moon; Editing by Nick Zieminski)