By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market edged lower on
Friday and is set to finish the week with modest losses as
escalating violence in Iraq and concerns about slow economic growth
in the U.S. weigh on investors.
The S&P 500 and Dow Jones Industrial Average retreated from
their record levels reached last week. The S&P 500 (SPX) was
off 3 points, or 0.2%, at 1,954.01, on track for a small weekly
loss.
The Dow Jones Industrial Average (DJI) slipped 36 points, or
0.2%, to 16,809.98 and was set to end the week lower.
The Nasdaq Composite (RIXF) was 3 points, or 0.1%, lower at
4,375.52 and was set to finish the week roughly where it
started.
In Friday's sole release of economic data, consumer sentiment
rose to a final June reading of 82.5 from a final May level of
81.9, according to Friday reports on a gauge from the University of
Michigan and Thomson Reuters.
Kim Caughey Forrest, senior equity analyst at Fort Pitt Capital,
said that despite today's consumer sentiment data, consumers are
still squeezed.
"Disappointing numbers from retailers should work as a yellow
sign of caution that consumers are not getting better. Until we get
wage growth and jobs growth, investors should be cautious about the
economy accelerating," Forrest said.
"A lack of good economic and company-specific news on one hand
and geopolitical tensions on the other are resulting in the market
drifting lower," she added.
Nike Inc.(NKE): The maker of sporting apparel and gear reported
stronger-than-expected earnings for the fiscal fourth quarter, as
revenue grew across almost all its main markets. Shares rose
2.6%.
Finish Line Inc.(FINL): The sports company posted fiscal
first-quarter results that topped forecasts. Shares jumped 3%.
GoPro Inc.(GPRO): The maker of digital sports cameras saw its
shares jump more than 30% in its first day of trading, closing at
$31.34. Shares were up 4.7%. Read: Is GoPro IPO the next Facebook
-- or Twitter? Vote in our poll
Dollar General Corp (DG): The discount store chains said that
Chairman and Chief Executive Rick Dreiling plans to retire by next
year. Shares fell 5.4%.
The Michaels Cos.(MIK): The arts and crafts retailer is set to
begin trading on Friday and has priced its initial public offering
at $17 a share. Also read: Mover and Shakers.
In other markets, Asian stocks closed mostly lower, while
European benchmarks were mixed and headed for weekly losses. Both
oil (CLQ4) and gold prices (GCQ4) ticked up, while the dollar (DXY)
moved lower.
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