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U.S. stocks mixed, as emergency Greek talks drag into the weekend

Published 06/26/2015, 04:11 PM
Updated 06/26/2015, 04:28 PM
The Dow posted modest gains on Friday, but the NASDAQ and S&P 500 closed lower

The Dow posted modest gains on Friday, but the NASDAQ and S&P 500 closed lower

Investing.com -- U.S. stocks were mixed on Friday amid a stronger dollar, as investors digested strong consumer data and awaited a potential deal between Greece and its international creditors over the weekend.

Following two days of intensive negotiations in Brussels, a troika of Greek creditors proposed a last-minute cash-for-reforms deal which could help the beleaguered Mediterranean nation meet its debt obligations through November. If Greece is unable to make a €1.5 billion payment to the International Monetary Fund on Tuesday, it could default on its sovereign debt and depart from the euro zone, potentially triggering contagion throughout the area.

On Friday, the Dow Jones Industrial Average posted moderate gains while the NASDAQ Composite index pulled back, as Apple Inc (NASDAQ:AAPL) lagged. The S&P 500 Composite index also closed lower after a late sell-off reversed earlier gains.

The Dow gained 56.66 or 0.32% to 17,947.02, but ended the week down slightly after opening on Monday above 18,025. The NASDAQ, meanwhile, ended the day as the session's underperformer after losing 31.68 or 0.62% to 5,080.51. Earlier in the week, the NASDAQ set both intraday and all-time closing record, peaking above 5,164.

The S&P 500 fell 0.70 or 0.03% to 2,101.61, as six of 10 sectors closed in the green. Stocks in the Utilities and Financial sectors led while Technology stocks lagged, falling by more than 1% on the session.

Nike Inc (NYSE:NKE) finished Friday's session as the top performer on the Dow, one day after topping quarterly earnings and revenue expectations amid improved sales from higher-margin shoes and increased revenues from its more expensive apparel. During its fiscal fourth quarter that ended in late-May, Nike reported increases in gross margin by 120 basis points to 46%, revenue growth of 10% and a 25% spike in earnings per share. Excluding negative impacts from foreign currency translation, Nike posted revenue growth of 14% on a year-over-year basis.

"These are quality results our shareholders should have come to expect from us and we demand for ourselves," Nike CEO Mark Parker said in a conference call.

Nike shares reached an all-time high at 110.34 on Friday, before falling slightly to 109.48, up 4.26 or 4.05%. The worst performer on the Dow was Intel Corporation (NASDAQ:INTC), which lost 0.93 or 2.91% to 31.06.

The biggest gainer on the NASDAQ was Bed Bath & Beyond Inc (NASDAQ:BBBY), which rose 1.72 or 2.48% to 70.95, paring some losses from earlier this week after reporting disappointing earnings last quarter. The worst performer on the NASDAQ was Micron Technology Inc (NASDAQ:MU), one day after the Boise, Idaho-based semi-conductor manufacturer revised its guidance for quarterly revenue, amid expectations of further price declines in PC chips. Shares in Micron plunged 4.26 or 18.13% to 19.67.

Nike was also the top performer on the S&P 500, ahead of Cablevision Systems Corporation (NYSE:CVC) which gained 0.99 or 4.09% to 25.22. Micron was also the worst performer on the S&P 500, just below Zoetis which fell 6.97 or 12.59% to 48.41. On Thursday, reports surfaced that the former Pfizer spin-off is mulling a merger with Valeant Pharmaceuticals (NYSE:VRX).

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