U.S. stocks were mixed in late morning trading on Friday as better-than-expected consumer confidence data brought some relief to investors concerned about a possible debt default by Greece.
University of Michigan’s final reading on the overall index on consumer sentiment for June was 96.1, higher than its preliminary reading of 94.6.
“Investors are really craving healthy economic data. Any kind of incoming data that is stronger than expected is welcomed by the investor community,” said Adam Sarhan, chief executive of Sarhan Capital.
Greece on Thursday failed to clinch a deal with its international creditors.
Euro zone partners have offered to release billions in frozen aid in a last-minute push to win Greece’s acceptance for a cash-for-reform deal.
“For most part we are trading off any news that comes out of Greece. I am looking for an agreement that falls somewhere in between full compliance and default,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.
The annual shuffling of Russell stock indexes may produce a rush of transactions worth over $40 billion in the final moments of trading on Friday.
At 11:34 a.m. EDT the Dow Jones industrial average .DJI was up 97.39 points, or 0.54 percent, at 17,987.75, the S&P 500 .SPX was up 2.44 points, or 0.12 percent, at 2,104.75 and the Nasdaq Composite .IXIC was down 17.68 points, or 0.35 percent, at 5,094.51.
Seven of the 10 major S&P 500 sectors were higher, with the consumer discretionary index .SPLRCD leading the gainers with a 0.58 percent rise.
Nike (NKE.N) shares rose 4.7 percent to $110.15 after the world’s largest footwear maker reported a better-than-expected profit as it sold more high-margin shoes and apparel at higher prices.
Finish Line (FINL.O) shares rose 5.6 percent to $28.50 after the athletic shoes and apparel retailer reported better-than-expected quarterly profit and revenue.
Micron Technology (MU.O) shares were down 17 percent at $19.86 after the chipmaker said it expects a further decline in prices of chips used in personal computers, and forecast revenue for the current quarter well below market estimates.
Declining issues outnumbered advancing ones on the NYSE by 1,535 to 1,425, for a 1.08-to-1 ratio on the downside. On the Nasdaq, 1,537 issues fell and 1,078 advanced for a 1.43-to-1 ratio favoring decliners.
The S&P 500 index showed 14 new 52-week highs and 19 new lows, while the Nasdaqrecorded 99 new highs and 36 new lows.
Source: http://www.reuters.com/article/2015/06/26/us-markets-stocks-idUSKBN0P61FS20150626