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Friday 15 July 2016

Wall Street ends flat but futures slip after Turkey coup reports

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The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. 

But equity futures fell after the closing bell following reports of a coup in Turkey. The military said it had seized power, but the prime minister said the attempted coup would be put down. 

A US exchange-traded fund that follows the Turkish stock market dropped sharply near the end of the session and was down 6 percent after the bell.

S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.

Record-setting week ends flat

During the normal-hours session, consumer stocks led declines on the S&P 500 while the financial sector posted a less than 0.2 percent drop, even as Wells Fargo, whose profits fell in the second quarter, fell 2.5 percent to USD 47.71 to rank as the largest weight on the S&P.

The Dow Jones industrial average rose 10.14 points, or 0.05 percent, to 18,516.55, the S&P 500 lost 2.01 points, or 0.09 percent, to 2,161.74 and the Nasdaq Composite dropped 4.47 points, or 0.09 percent, to 5,029.59. 

Herbalife jumped 9.9 percent to USD 65.25 after the weight-loss products maker agreed to pay USD 200 million and change the way it does business to avoid being labeled a pyramid scheme by regulators.

The S&P 500 posted 26 new 52-week highs and no new lows; the Nasdaq Composite recorded 77 new highs and 18 new lows. About 6.1 billion shares changed hands in US exchanges, below the 7.8 billion daily average over the past 20 sessions.


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