US stocks finished mixed on Friday with the NASDAQ closing modestly higher but the Dow and the S&P 500 Index slipped for the fourth week, on worries that an economic recovery and corporate profits in the second-quarter earnings season will be weak.
The Dow Jones industrial average lost 37 points to 8,147. The S&P500 Index fell 4 points to 879 and the NASDAQ added 3 points to 1,756. In economic news:The Commerce Department said the trade balance narrowed to $26 billion in May compared to a trade deficit of $28.8 billion in April. Exports increased 1.6% to just over $123 billion, while imports declined by 0.6% to about $149 billion.
Also out on Friday was the University of Michigan's consumer sentiment index, which fell to 64.6 in July from 70.8 in June
In company news:Chevron (NYSE:CVX) shares fell 2.66% to $61.40 after the oil giant warned that its second-quarter earnings would be hit by a sharp decline in US refining margins and that any benefits from higher oil prices had been largely offset by a weaker US dollar.
Shares of Citigroup (NYSE:C) lost 3.72% to $2.59. The commercial lender's stock fell to a record low on Friday on concerns that it would be excluded for gaining federal support. The bank said it has been in active talks with the government to gain access to a key lending program.
Cisco Systems (NASDAQ:CSCO) shares added 0.94% to $18.34 after it rejected an analyst report that it plans to layoff up to 2,000 workers to help cut costs.
Apple (NASDAQ:APPLE) shares gained 1.58% to $138.52 after Goldman Sachs raised its price target on the stock of to $160 from $145.
Checking the NASDAQ Top 100:The best performer was Seagate Technology which added 4.93% to $10. Infosys Technologies and Cognizant Technology Solutions also posted good gains. The worst performing stock was Wynn Resorts, which lost 2.98% to $30.98. NII Holdings and Foster Wheeler also closed weaker.
