Stocks ended what was overall a winning week, with a down session, ahead of a summit next week that could decide if Greece can remain in the euro zone. Bobbi Rebell reports.
Tech and financial stocks retreated, pulling the big indices lower one day after the Nasdaq hit an all-time high. The European Central Bank boosted emergency funding for Greece to keep their ailing banks on their feed as a steady flow of withdrawals continued on Friday. A summit next week could decide whether Greece can remain in the euro zone. For the week, the Dow, Nasdaq and S&P 500 finished with gains. Leading the S&P lower: Macerich. Reuters learned that the largest U.S. mall operator, Simon Property, was selling a 3.6 percent stake in its rival. Simon withdrew its takeover bid two months ago after Macerich rejected its offer. Also dragging on the S&P: CarMax. Quarterly revenue at the largest U.S. used car retailer fell more than expected. Average selling prices were lower. Hershey shares sank to a ten-month low. The chocolate maker said it'll cut 300 jobs by year's end. It also trimmed its full-year sales growth forecast. ConAgra topped the list of the S&P 500's winners. Shares zoomed higher after an activist hedge fund bought a stake in the food maker. Jana Partners said it's ready to nominate directors to try to turn the company around. D.R. Horton, Pulte and other home builders' shares rose. Their peer, KB Home, grew quarterly revenue and profit that exceeded Wall Street's expectations. It sold more homes at higher prices. And Twitter shares had their biggest rally in nearly three months. Options traders are betting on a rebound soon. Just a day after FitBit made a healthy debut at the NYSE, over at the Nasdaq Brazilian Steakhouse Fogo de Chao shares surged in their first trading session. Not as healthy- fitness software firm MindBody, whose shares fell in their first day of trading. Across the pond, a rally in French telecom stocks boosted European shares. But the German DAX finished lower.