Stocks Deliver Weak Finish Friday, Down For Week

By VICTOR REKLAITIS, INVESTOR’S BUSINESS DAILY

Stocks closed mixed Friday, as they gave up gains and closed near their session lows.

The Nasdaq ended up 0.1% after being up nearly 0.7% and touching a fresh multiyear high. The S&P 500 edged down a fraction, while the Dow Jones industrial average dipped 0.1%. Volume surged from Thursday’s levels, boosted by quadruple witching for options and futures contracts.

For the week, the Nasdaq and Dow both lost 0.1%, and the S&P 500 shed 0.4%. Each index finished in the upper half its trading range for the week.

Among leading stocks Friday, Apple (AAPL) rose a fraction in above-average volume, hitting a new high above 700, as worldwide sales of the iPhone 5 began. The stock, No. 5 in Wednesday’s IBD 50 lineup, is extended from a 619.97 handle buy point.

Michael Kors (KORS) leapt 9% in strong turnover, hitting a fresh high. Late Thursday, the accessories and clothing maker hiked its EPS target range to 38 to 40 cents, from 33 to 35 cents and above Wall Street’s expectations. It sees Q1 revenue of $510 million to $520 million, also above forecasts. Michael Kors, a December IPO that’s No. 4 in Wednesday’s IBD 50, is well extended past its recent entry at 49.60.

News from Europe provided a lift early Friday. Spain appeared to be making progress toward achieving reforms and gaining an EU bailout. Reuters, quoting unnamed sources, reported that Spain is considering freezing pensions and speeding up a planned rise in the retirement age to 67 from 65. A decision could be announced as early as this coming week.

On Monday, Red Hat (RHT) and Lennar (LEN) are among the companies slated to report quarterly earnings.

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