May 20, 2013
Wall Street ends flat, as European shares rise on Spain hope
US stocks closed flat on Friday even though investors welcomed Spain's efforts to seek a bailout and cheered Apple's newest iPhone that went on sale today, driving its shares to a record high.
The Dow Jones industrial average slipped 17.46 points, or 0.13 percent, to close at 13,579.47. The Standard & Poor's 500 Index dipped just 0.11 of a point, or 0.01 percent, to finish at 1,460.15. The Nasdaq Composite Index rose 4.00 points, or 0.13 percent, to close at 3,179.96.
European equities rose, briefly testing last week's 14-month highs, propelled by gains in banking shares on speculation Spain was moving towards a bailout request, but the uncertain economic outlook could hold back the market.
The pan-European FTSEurofirst 300 index closed at 1,119.46 points, up 0.4 percent on the day and broadly flat over the week, which was marked by soft economic data from the euro zone and China curbing optimism over the impact of stimulus action by central banks.
In Asia, Japan's Nikkei average edged up today, rebounding from a sharp drop in the previous session as investors took comfort from steadiness in US stocks, shrugging off fears over soft manufacturing data from China, Europe and the United States. The Nikkei advanced 0.3 percent to 9,110.00 after shedding 1.6 percent. The benchmark ended 0.5 percent down on the week, marking its first weekly loss in three weeks. The broader Topix index gained 0.3 percent to 756.38.