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U.S. stocks mixed as Dow posts record closing high for 4th straight day

Published 07/15/2016, 04:38 PM
Updated 07/15/2016, 04:48 PM
The Dow closed slightly higher on Friday, while the S&P and NASDAQ inched down

The Dow closed slightly higher on Friday, while the S&P and NASDAQ inched down

Investing.com -- U.S. stocks were mixed on Friday remaining in near-record territory, as a bevy of robust economic data in June offset subdued earnings from Wells Fargo (NYSE:WFC) and Citigroup Inc (NYSE:C), while travel stocks weighed in response to the Nice truck attack.

Shares in Wells Fargo and Citigroup, two of the most prominent banks on Wall Street, closed lower in Friday's session after revenues moved lower in the second quarter. Wells Fargo, a San Francisco-based bank, reported earnings of $5.56 billion or 1.01 per share, down from $5.72 billion or 1.03 per share during the same period last year. It came amid a 17% decline in mortgage lending and continued weakness in energy loans over the period. Citigroup, meanwhile, saw its earnings fall from $4.85 billion to $4 billion, while its revenues slumped to $17.47 billion, down by 10% from the second quarter of 2015.

The Dow Jones Industrial Average gained 10.14 or 0.05% to 18,516.55, closing at all-time record highs for the fourth consecutive session. The Dow reached session-highs of 18,557.43 late on Friday afternoon, also hitting a record-high for the fourth straight day. While the S&P 500 Composite index also set a fresh all-time intra-session high at 2,164.75, the S&P pared gains to close at 2,161.74, down 2.01 or 0.09%. Had the S&P 500 closed higher on Friday, the index would have posted all-time closing highs in five straight sessions over a single week, a feat last achieved in March, 1998.

On the S&P 500, six of 10 sectors closed in the green as stocks in the Utilities and Basic Materials industries led. Stocks in the Consumer Services sector lagged, falling more than 0.50% on the session despite the release of strong retail sales data on Friday. The NASDAQ Composite index also fell slightly on Friday, losing 4.49 or 0.09% to close at 5,029.59.

The top performer on the Dow was Caterpillar Inc (NYSE:CAT), which gained 0.64 or 0.80% to 80.70. Caterpillar (NYSE:CAT) finished just above GE, which added 0.25 or 0.77% to 32.88. Earlier this week, the multinational conglomerate acquired Biosafe Group, a Switzerland-based company which specializes in cell bioprocessing systems for cell therapy industries. The transaction is expected to help catapult General Electric Company (NYSE:GE) into the cell therapy market, as its health care arm pursues a cure for cancer.

The worst performer was Nike Inc (NYSE:NKE), which fell 0.62 or 1.06% to 57.87. Nike closed just below Goldman Sachs Group Inc (NYSE:GS), which lost 0.90 or 0.55% to 161.64. The financial sector lost some momentum on Friday, one day after JPMorgan Chase & Co (NYSE:JPM) buoyed Wall Street with stronger than expected quarterly earnings.

The biggest gainer on the NASDAQ was Biomarin Pharmaceutical Inc (NASDAQ:BMRN), which added 2.93 or 3.29% to 91.96. It came amid a large inflow of buy-side purchases in the San Rafael, California biotech company due to speculation of a potential merger with Swiss drug company Roche. Biomarin entered Friday's session down approximately 5% on the week. The worst performer was Norwegian Cruise Line Holdings Ltd (NASDAQ:NCLH), which fell 1.59 or 3.72% to 41.18 to end Friday's as the biggest laggard on the NASDAQ for the second straight day. Shares in the popular cruise line continued to fall two days after NCL subsidiary Regent Seven Seas unveiled its latest ship in Monaco. The cruiser, which Regent has nicknamed "The Explorer," is being billed by the company as the most luxurious cruise ship "ever built."

Investors await the release of numerous second quarter reports among large-cap industrials and tech companies next week for indications on whether the NASDAQ can remain near the 5,000 level on a long-term basis.

On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,616-1,358 margin.

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