US STOCKS-S&P 500 ends down week with flat session, semis fall

viernes 26 de junio de 2015 16:26 GYT
 

* Euro zone finance ministers to meet Saturday on Greece

* Nike rallies after results; Micron tumbles, hits semiconductors

* Dow up 0.3 pct, S&P 500 flat, Nasdaq down 0.6 pct (Updates to market close)

By Ryan Vlastelica

NEW YORK, June 26 (Reuters) - The S&P 500 closed flat on Friday but ended lower for the week, with investors cautious ahead of a meeting in Europe that could decide whether Greece will default on critical loans.

The Dow closed higher, boosted by strong results from component Nike Inc, while the Nasdaq ended solidly lower on disappointing results from Micron Technology Inc, which weighed on chipmakers like Intel.

In Europe, Greece rejected a five-month extension of bailouts on Friday, a day before euro zone finance ministers will meet to decide the country's fate. Greece needs fresh funds to avoid defaulting on a $1.8 billion debt repayment to the International Monetary Fund on June 30. If it defaults, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations.

"If this issue gets resolved, then we're set up for a fairly decent market, but it could be that everything falls apart on the 30th," said James Meyer, chief investment officer at Tower Bridge Advisers in West Conshohocken, Pennsylvania. "Market valuation is high in an absolute sense."

Nike rose 4.3 percent to $109.71 and was the biggest boost to the Dow after reporting a better-than-expected quarterly profit, lifted as it sold more high-margin shoes and apparel at higher prices.   Continuación...