* DuPont drops after outlook cut
* Russell Indexes reconstitution in play at the close
* Consumer sentiment rises in June - U Michigan
* Dow up 0.03 pct; S&P 500 up 0.2 pct; Nasdaq up 0.4 pct
(Updates to close)
By Caroline Valetkevitch
NEW YORK, June 27 U.S. stocks ended modestly
higher on Friday, led by technology shares, though a downbeat
second-quarter forecast from DuPont Co kept a lid on
The S&P 500 technology index rose 0.6 percent,
bolstered by Apple Inc, up 1.2 percent at $91.98, in
another session this week where the Nasdaq outperformed the
other two major indexes.
Both the Dow and the S&P 500 ended with slight losses for
the week, while the Nasdaq scored a gain.
Trading volume, which has been low in recent weeks, surged
to at least 8.8 billion shares on U.S. exchanges, according to
BATS Global Markets. The spike in volume at Friday's close was
the result of Russell Investments' final reconstitution of its
indexes, which affected more than $5 trillion in assets.
DuPont shares lost 3.3 percent to $65.44 and ranked among
the biggest drags on both the Dow and the S&P 500. The losses
came a day after the company cut its operating profit forecast
for the second quarter and the full year, citing slower sales at
its agriculture and performance chemicals units.
It was the latest company to warn on the quarter, with the
ratio of negative to positive outlooks now at 4.2 to 1, above
the long-term average of 2.6 to 1, Thomson Reuters data showed.
The earnings period will start in about two weeks, giving
investors the next set of clues on whether the economy and
profits are 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 forward price-to-earnings ratio on the S&P 500 is 15.9,
the highest since 2008, Thomson Reuters data showed.
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 1,960.96. The Nasdaq Composite
added 18.88 points or 0.43 percent, to 4,397.93.
For the week, the Dow slipped 0.6 percent and the S&P 500
declined 0.1 percent, while the Nasdaq gained 0.7 percent.
Despite the market's recent malaise, Wall Street's 2014
rally was expected to extend into the second half of the year.
A Reuters poll on Thursday showed the S&P 500 is expected to
hit 2,000 before the end of 2014.
Among the day's positive signs, U.S. consumer sentiment rose
more than expected, according to the Thomson Reuters/University
of Michigan's final June reading, though that followed weak
readings on consumer spending and first-quarter economic
activity earlier this week.
Shares of Nike Inc rose 1.1 percent to $77.68 a day
after the sports apparel and shoe company reported
fourth-quarter earnings that beat expectations.
(Editing by Bernadette Baum, Nick Zieminski and Jan Paschal)