Wall Street Ends Week Lower on Greece, Earnings


Wall Street Ends Week Lower on Greece, Earnings

US stocks ended mixed on Friday, posting losses for the week, with a surge in Nike shares lifting the Dow Jones Industrial Average while the other major indexes ending down on a slump in technology shares.

The Dow Jones Industrial Average ended 57.12 points or 0.3% higher at 17,947.98 points with Nike leading the gains on a better than expected earnings report. The blue chip index, however still ended 0.4% lower on the week.

The S&P 500 Index ended less than a point lower at 2101.50 points with about seven of its ten key sectors ending lower with its technology sector leading the losses with a 0.95% decline.

The benchmark index ended the week 0.4% lower.

The technology-heavy Nasdaq Composite retreated from record territory earlier this week to end 31.68 points or 0.6% lower at 5110 points.

The tech heavy Index also fell 0.7% for the week, its biggest weekly slide in more than two months.

“The selloff here seems to be more in tech than anywhere else, which could be weighing on the market overall,” Tim Ghriskey, who helps oversee $1.5 billion as managing director and chief investment officer at Solaris Asset Management, told Bloomberg.

“Traders are taking money off the table in front of the weekend and perhaps even quarter-end as we head into earnings season and a short week.”

Investors continued to watch negotiations between Greece and its international lenders with the Euro zone negotiators offering to free up billions in frozen aid for the embattled country in an effort to get Greece to accept their Cash for reform deal.

Greece’s Prime Minister Alexi Tsipras also told the negotiations that a referendum would be held in the country on July 5 to decide whether or not to accept the bailout terms.

“For most part we are trading off any news that comes out of Greece. I am looking for an agreement that falls somewhere in between full compliance and default,” Jack Ablin, chief investment officer at BMO Private Bank in Chicago, told Reuters.

To contact the reporter of the story: Samuel Rae at samuel@forexminute.com