(By Salman - iStockAnalyst Writer)US stocks finished mostly lower after a government release showed that savings rate jumped to a 15-year high of 6.9% in May.
The Dow Jones Industrial Average fell 34.01 points or 0.40% to finish at 8,438.39 The S&P 500 subtracted 1.36 points or 0.15% to end at 918.90. The Nasdaq Composite climbed 8.68 points or 0.47% to 1,838.22.
According to a Commerce Department release,
US consumer spending, which accounts for nearly two third of economy, increased 0.3% in May. Personal Income rose 1.4% in May. Savings rate jumped to 6.9%, a 15-year high.
The University of Michigan/Reuters' latest survey of consumer sentiment rose to 70.8 in June from 68.7 in May. Economists expected a final reading of 69.
Shares of retail giant Wal-Mart Inc. (NYSE:
WMT) dropped 52 cents or 1.06% to $48.63.
Microsoft Corp. (NASDAQ:
MSFT) slumped 44 cents or 1.85% to $23.35.Hewlett-Packard (NYSE: HPQ) slid 51 cents or 1.34% to $37.61.
Among financials, American Express (NYSE:
AXP) lost 68 cents or 2.78% to $23.76. Shares of Bank of America (NYSE: BAC) rallied 40 cents or 3.24% to $12.75.
Shares of plane maker Boeing Co. (NYSE:
BA) slumped 65 cents or 1.53% to $41.88.
Energy stock finished down. Exxon Mobil (NYSE:
XOM) declined 83 cents or 1.19% to end at $69.05. Chevron corp. (NYSE: CVX) slipped 92 cents or 1.38% to $65.95.
Early on Friday, KB Home (NYSE:
KBH) reported a narrower second quarter net loss of $78.4 million, or $1.03 a share, compared with a loss of $255.9 million, or $3.30 a share, in the similar period last year. Revenue plunged 40% from the year-ago quarter to $384.5 million. Shares of the company plunged $1.35 or 9.14% to $13.42.
Late on Thursday, Accenture Ltd. (NYSE:
ACN) announced that fiscal third-quarter net income came fell to $444 million, or 68 cents per share, from $469.1 million, or 74 cents a share, in year earlier quarter. Revenue slipped 16% to $5.54 billion from $6.59 billion a year earlier. Accenture jumped $2.08 or 6.57% to $33.72.
Micron Technology Inc. (NYSE:
MU) reported a wider fiscal third-quarter loss of $290 million, or 36 cents a share, compared to a loss of $236 million, or 30 cents a share, in the year ago period. Revenue slumped 26% to $1.1 billion from $1.5 billion.Shares of Micron Technology fell 20 cents or 3.77% to $5.10.
Palm Inc. (NASDAQ:
PALM) said that its fourth fiscal quarter $105 million, or 78 cents a share, compared to a loss of $43.4 million, or 40 cents a share, in the prior year quarter. Revenue declined more than 70% to $86.8 million. Palm soared $2.20 or 15.69% to $16.22.
European banking giant UBS AG (NYSE:
UBS) said late Thursday that it plans to raise 3.8 billion Swiss francs ($3.5 billion) of new capital. The bank also said that though it would likely post a second-quarter loss, its operating results, helped by improved investment banking conditions and lower losses and write-downs, should be better.
European stocks settled lower. The UK FTSE dropped 11.56 points or 0.27% to 4,241.01. The German DAX and French CAC decreased 0.50% and 1.50% respectively.
Asian stocks finished up. The Nikkei 225 rose 81.31 points or 0.83% to end at 9,877.39. The Hang Seng index of Hong Kong jumped 325.23 points or 1.78% to 18,600.26.
NYMEX crude oil for August delivery declined $1.07 or 1.5% to settle at $69.16 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
