* Nike rallies after results; DuPont drops as outlook cut
* Russell reconstitution may drive up volume at close
* Consumer sentiment rises in June - U Mich
* Indexes: Dow off 0.2 pct, S&P flat, Nasdaq up 0.2 pct
(Updates to midday trading)
By Ryan Vlastelica
NEW YORK, June 27 U.S. stocks were flat on
Friday, pointing to a week of modest losses as recent data
painted a mixed picture of economic growth, though Wall Street's
2014 rally was expected to continue into the second half of the
The S&P 500 was 0.3 percent away from a record closing high
hit last week, but breaking decisively above that level may be
difficult amid a dearth of catalysts. Still, with the second
quarter nearing a close, the S&P 500 is up about 5.9 percent
U.S. consumer sentiment rose more than expected, according
to the Thomson Reuters/University of Michigan's final June
reading, though that follows weak reads on consumer spending and
first-quarter economic activity earlier this week.
Nike Inc rose 1.6 percent to $78.15 a day after its
fourth-quarter earnings beat expectations.
However, those gains were offset on the Dow index as DuPont
, a fellow component, cut its full-year operating profit
outlook, sending shares down 4.3 percent to $64.81.
"The market is listless with earnings and data coming in
mixed, but stocks in general continue to look attractive
relative to bonds, and we're fairly priced from a historical
perspective," said David Katz, chief investment officer at
Matrix Asset Advisors in New York. "That should be enough to
continue driving buyers, even with disappointing news."
The Dow Jones industrial average fell 26.54 points,
or 0.16 percent, to 16,819.59, the S&P 500 lost 0.59
points, or 0.03 percent, to 1,956.63 and the Nasdaq Composite
added 6.83 points, or 0.16 percent, to 4,385.88.
For the week, the Dow is down 0.8 percent and the S&P is
down 0.3 percent. The Nasdaq, which is up 0.4 percent, is on
track for its sixth weekly rise out of the past seven. The CBOE
Volatility index is up 7.6 percent this week.
Trading volume has been below average of late, but that is
not expected to hold true on Friday, which could see heavy
action going into the close as Russell Investments announces the
final reconstitution of its indexes, which will affect more than
$5 trillion in assets.
In company news, Relational Investors LLC late Thursday
disclosed an 8.52 percent stake in Manitowoc Co Inc and
said it would separate it into two companies. Shares of
Manitowoc jumped 8.6 percent to $32.26 on heavy trading.
Keurig Green Mountain Inc rose 4.6 percent to
$126.03 as the S&P's biggest gainer after Argus Research
upgraded the stock to "buy" from "hold."
On the downside, Dollar General Corp was the S&P
500's biggest decliner, off 6.9 percent to $57.40 after the
company's chief executive announced his retirement effective
(Editing by Bernadette Baum and Nick Zieminski)