Stocks finished narrowly mixed Friday as Wall Street weighed economic data and earnings reports. Herbalife (HLF) soared early on settlement news, while Wells Fargo (WFC) fell after its quarterly results and Chipotle Mexican Grill (CMG) fell on a downgrade.
The Dow Jones industrial average closed less than a percentage point higher, but enough for a new closing high, while the Nasdaq and S&P 500 each closed down 0.1%. Volume was slightly lower across the board vs. Thursday, according to preliminary figures. For the week, the Dow rose 2%; the Nasdaq and S&P 500 added 1.5% apiece.
Telecom, food and biotechs gained in today's stock market action, while retailers, media and travel bookers lagged.
Wells Fargo reversed to a 2.5% loss in heavy trade to close back below its 50-day moving average, which has been trading under its 200-day line since December. The bank reported Q2 earnings that met, but revenue that missed views.
Citigroup (C), which reported a 14% profit decline from the prior year but topped forecasts, edged 0.3% lower. Bank of America (BAC), Morgan Stanley (MS) and Goldman Sachs (GS) will report early next week.
Herbalife (HLF) reversed off a 21% intraday spike and two-year high to close with a 10% gain in heavy volume. It reached a settlement with the Federal Trade Commission, under which the network marketer will pay $200 million and change its compensation structure.
Over on the IBD 50, Yirendai (YRD) led the upside with a 12% jump to a new high in fast turnover. Shares of the China-based lending platform have more than doubled from their Dec. 18 offering price of 10 a share.
Chipotle Mexican Grill slid 3% in hefty trade as it continues to hit upside resistance at its 50-day line. Morgan Stanley downgraded the burrito chain operator to equal weight ahead of its quarterly results due next week. Analysts expect a 79% drop in earnings.
In economic news, consumer prices climbed 0.2% in June, below projections for a 0.3% increase. Core prices rose 0.2%, in line with forecasts. June retail sales were better than expected. The New York Fed's Empire State Manufacturing Index for July came in at 0.55, below views for 5.0 and June's 6.01 reading.
Economic data coming up Monday include the housing market index for July and the Treasury International Capital for May.
