US stocks drift toward a weekly loss; DuPont sinks

Published on NewsOK Modified: June 27, 2014 at 2:05 pm •  Published: June 27, 2014
Advertisement
;

NEW YORK (AP) — The stock market drifted mostly lower in light trading Friday, putting major indexes on track for their second weekly loss this month. Reports of sluggish economic growth have weighed on the market this week.

KEEPING SCORE: The Dow Jones industrial average fell 48 points, or 0.3 percent, to 16,798 as of 3:02 p.m. EST. The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,954, while the Nasdaq composite slipped edged up seven points, or 0.2 percent, to 4,386.

LOOK BACK: After dropping three days this week, the S&P 500, the most widely used benchmark for stock funds, is on course for a weekly loss of 0.5 percent. Many investors have been waiting for the market to take a break from its long climb. The S&P 500 has gained 5.8 percent in three months and reached its latest all-time high on June 20, one week ago.

WHAT, NO WORRIES? "The fact is, it's the summer, and there isn't much happening," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

Turmoil in the Middle East, however, could easily rattle U.S. markets, especially if the fighting in Iraq drives oil prices up too high, Ablin said. Rising tensions between Ukraine and Russia remain a concern.

"The risk in the summer typically isn't financial, it's political," he said. "This summer it's geopolitical: Iraq and Ukraine."

FORECAST CUT: DuPont dropped $2.70, or 4 percent, to $65, the biggest decline among the 30 big companies in the Dow. The company cut its profit forecast because of weaker sales of corn seeds.

Continue reading this story on the...