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December 12, 2017
Friday, June 26, 2015

S&P 500 ends down week with flat session

The S&P 500 closed flat today but ended lower for the week, with investors cautious ahead of a meeting in Europe that could decide whether Greece will default on critical loans.

The Dow closed higher, boosted by strong results from component Nike Inc, while the Nasdaq ended solidly lower on disappointing results from Micron Technology Inc, which weighed on chipmakers like Intel.

In Europe, Greece rejected a five-month extension of bailouts on Friday, a day before euro zone finance ministers will meet to decide the country's fate. Greece needs fresh funds to avoid defaulting on a $1.8 billion debt repayment to the International Monetary Fund on June 30. If it defaults, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations.

Nike rose 4.3 percent to $109.71 and was the biggest boost to the Dow after reporting a better-than-expected quarterly profit, lifted as it sold more high-margin shoes and apparel at higher prices.

Micron Technology sank 18 percent to $19.66 a day after forecasting a further decline in prices of chips used in personal computers. It also gave a revenue outlook for the current quarter that was well below market estimates. The PHLX Semiconductor index fell 2.4 percent. Intel Corp fell 3 percent to $31.02.

In the latest economic data, University of Michigan's final reading on the overall index on consumer sentiment for June was 96.1, higher than the preliminary reading of 94.6.

The Dow Jones industrial average rose 56.72 points, or 0.32 percent, to 17,947.08, the S&P 500 lost 0.71 points, or 0.03 percent, to 2,101.6 and the Nasdaq Composite dropped 31.69 points, or 0.62 percent, to 5,080.51.

For the week, both the Dow and S&P 500 fell 0.4 percent while the Nasdaq fell 0.7 percent.

In Europe, Euro zone partners offered to release billions in frozen aid in a last-minute push to win Greece's acceptance of a cash-for-reform deal.

That helped to limit losses in global equity markets. Greece's creditors gave its leftist government 24 hours to respond to the proposal, a Greek government official said today shortly before an emergency cabinet meeting called by Prime Minister Alexis Tsipras.

Greece's Tsipras expressed his government's frustrations with creditors' demands for austerity, highlighting the gulf needed to be narrowed in weekend talks.

The pan-European FTSEurofirst 300 index closed up 0.1 percent to 1,574.08 points.
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