Closing Bell: Stocks End Volatile Week with a Whimper

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new york stock exchange financial markets traders
Timothy Clary, AFP/Getty Images
U.S. stock indexes ended Friday's trading mixed. The Dow Jones industrial average (^DJI) rose 45 points, while the S&P 500 (^GSPC) gained 5 and the Nasdaq (^IXIC) gave up 11.5. For the week, the Dow lost 1.8 percent, the S&P was down 2.1 percent, and the Nasdaq declined 1.9 percent.

Concern about how long the Federal Reserve will continue its $85 billion-a-month bond-buying program continued to weigh on investor sentiment. Speaking Wednesday, Fed Chairman Ben Bernanke reiterated the central bank could begin scaling back its stimulus program later this year. As the Wall Street Journal notes, Bernanke's message wasn't new, but it nonetheless sent global stocks reeling and led to a sell-off in bonds. The Journal's Fed reporter, Jon Hilsenrath, gave markets a boost by arguing that investors had missed hints of dovishness in Bernanke's remarks.

Among stocks making big moves Friday:
  • Darden Restaurants (DRI), which runs Olive Garden and Red Lobster, fell $1.18, or 2.3 percent, to $50.06 after rising expenses hurt its fourth-quarter earnings.
  • Shares of Oracle (ORCL) fell 9.3 percent after the company on Thursday reported higher earnings but said revenues were essentially flat for the second straight quarter.
  • Satellite-TV operator Dish Network (DISH) officially abandoned its efforts to acquire Sprint Nextel (S). Dish and Softbank were competing to acquire the wireless carrier since April. Sprint opted for Softbank's $21.6 billion offer for 78 percent of the company, rather than Dish's $25.5 billion bid for all of Sprint.
  • Shares of Groupon (GRPN) got a boost Friday after a Deutsche Bank analyst upgraded the online deals company to "buy" from "hold" and raised the price target to $10 a share from $6. The stock rose more than 5 percent to just under $8 a share.
  • Apple (AAPL) lost 0.76 percent despite a decision by a Japanese court that found rival Samsung had infringed upon on Apple's patents for a so-called "bounce-back" feature used in displaying emails and documents on phones and tablet computers. In other Apple news, one of the first Apple computers, designed by Steve Jobs and Steve Wozniak, could fetch $500,000 or more when it goes on the auction block next week. Built in 1976, the Apple 1 computer at the time sold for $666.66.
What to Watch Next Week

It's not quite the summer doldrums, but with the current quarter winding down, most companies have reported earnings. Still, there are some retail stocks scheduled to report next week, and several key economic reports are also due out. Here's what to expect:

Monday, June 24
No major events scheduled

Tuesday, June 25
  • The Commerce Department reports durable goods orders for May at 8:30 a.m. ET.
  • S&P/Case-Shiller releases it latest home-price index for April at 9 a.m.
  • The latest numbers on new home sales debut from the Commerce Department at 10 a.m., along with the Conference Board's latest take on consumer confidence.
  • Barnes & Noble (BKS) and Walgreen Co. (WAG) report quarterly earnings.
Wednesday, June 26
  • The Commerce Department releases first-quarter gross domestic product at 8:30 a.m.
  • Monsanto Co. (MON) reports quarterly financial results.
Thursday, June 27
  • The Commerce Department releases personal income and spending for May at 8:30 a.m.
  • At 10 a.m., the National Association of Realtors releases pending home-sales figures for May.
  • Nike Inc. (NKE) reports quarterly financial results.
Friday, June 28
  • Research in Motion (BBRY) reports its latest quarterly earnings.

Compiled from staff and wire reports.

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ole.obamy.failedagain

OBAMY ECONOMY7="BENGHAZI"~"SPYING"~"BENGHAZI"~"SPYING"

June 21 2013 at 9:24 PM Report abuse rate up rate down Reply
pdbliz

PAULA DEAN,,,,,,,,,,I have no other web sit to post on,,as I do not trust the goverment on all sites.!!
First,,,Paila Dean,,,I am not your fan,,,but,,,I would have told Matt to go to hell.!!!!
And,,same as your network,,that you have made them a huge amount of money,,as yourself..
Has Matt ever said anything Racist,???? Yes,,,Has Matt talked bad about people,,,ask his co host.!!!!!!!!! I am in the 60,s.....seen ,,heard and been there,,,,
I still hear Blacks use the BAD,,,UGLY,,,N WORD DAILY..But,,no problem,,the goverment protects them,!!!!! But,,,now,,,get a whitey to say the N WORD,,,,,All hell breaks lose.....
WHAT THE HECK IS WRONG WITH THE AMERICAN GOVERMENT AND NATIONAL TV......?????? Paula,,,as I said,,I am not a fan,,,,but,,,you tell them all,,,,to go to HELL.!!!!!!!!!,,,,,,,It is time the WHITEY GETS IN THE SPOT LIGHT.!!!!

June 21 2013 at 8:22 PM Report abuse +6 rate up rate down Reply
coskun

Leading from behind combined with shooting fom the hip.. Only causes unnecessary casualties such as this one.

June 21 2013 at 7:51 PM Report abuse rate up rate down Reply
sandi

Mr. B sezs-- my 1 tril. $ a year spending spree doesn't effect the economy. What do you think

June 21 2013 at 7:38 PM Report abuse rate up rate down Reply
Bruce

41 points up is a "whimper"? Well, you can shower me ALL YEAR with that kind of "whimper"! Cry me all the way to the bank!

June 21 2013 at 6:36 PM Report abuse -2 rate up rate down Reply
1 reply to Bruce's comment
ole.obamy.failedagain

OBAMYS ECONOMY="BENGHAZI"~"SPYING"~"BENGHAZI"~"SPYING"

June 21 2013 at 8:59 PM Report abuse +1 rate up rate down Reply