(By Balachander) U.S. stocks closed on a mixed note, paring gains amid hopes that Spain could seek a bailout package shortly.
S&P 500 Index fell 0.04 percent to finish at 1,449.74. The Dow Jones Industrial Average shed 0.17 percent to end at 13,574.40. The Nasdaq Composite Index added 0.08 percent to close at 3,178.44.
Financial Times reported that European Commission and Spain are discussing measures, which are expected to be announced next week, that may lead to a bailout of the country.
There were no major U.S. economic data released on Friday.
Hot Stocks Of The Day: AAPL, RIMM, VVUS, KBH, DRI, KORS, VPHM, HALO, NUVA, ASTX
In corporate news, Apple Inc. (NASDAQ:AAPL) hit a record high of $705.07 after the the most valuable U.S. company started sales of its iPhone 5 - the thinnest and lightest smartphone ever - amid strong demand. Shares ended 0.17 percent higher.
Research In Motion Ltd. (NASDAQ:RIMM) tumbled 6.59 percent after its BlackBerry device suffered service outage in Europe, the Middle East and Africa.
Oracle Corp. (NASDAQ:ORCL) added 0.70 percent after the enterprise software company reported a 11 percent increase in first-quarter earnings on lower expenses. Its new software licenses and cloud software subscriptions revenues grew 5 percent. The company declared a quarterly cash dividend of 6 cents.
Darden Restaurants Inc. (NYSE:DRI) gained 4.55 percent after the company posted a 4 percent rise in quarterly earnings and a 4.8 percent growth in sales amid a 0.3 percent drop in same-restaurant sales at its three casual dining brands. Orlando, Florida-based Darden declared a quarterly dividend of 50 cents.
Michael Kors Holdings Ltd. (NYSE:KORS) climbed 9.26 percent after the apparel company increased its earnings outlook for the second quarter and the full year.
VIVUS Inc. (NASDAQ:VVUS) retreated 11.47 percent after the drugmaker said it expects European regulators to recommend against approval of its weight-loss treatment Qsiva.
KB Home (NYSE:KBH) jumped 16.40 percent after the homebuilder reported a profit for the third quarter, boosted by an income tax benefit and revenue growth in double digits.
Viropharma Inc. (NASDAQ:VPHM) soared 7.52 percent and Halozyme Therapeutics Inc. (NASDAQ:HALO) jumped 24.03 percent after U.S. health regulators lifted its hold on clinical studies of a new product the companies are developing.
NuVasive Inc. (NASDAQ:NUVA) advanced 5.05 percent. Brean Murray Carret initiated rating on shares of the medical device maker with a "Buy" rating and price target of $30.
Astex Pharmaceuticals Inc. (NASDAQ:ASTX) plunged 8.13 percent after the company said it has discontinued amuvatinib, an inhibitor of mutant kinases and DNA repair, clinical development program.
European markets closed on a mixed note, with Germany's DAX gaining 0.84 percent to close at 7,451.62. France's CAC40 added 0.59 percent to finish at 3,530.72. U.K.'s FTSE 100 shed 0.03 percent to end at 5,852.62.
Asian markets closed higher, with China's Shanghai Stock Exchange Composite Index inching 0.09 percent higher to finish at 2,026.69. Japan's Nikkei 225 rose 0.25 percent to end at 9,110.00. Hong Kong's Hang Seng Index added 0.70 percent to close at 20,734.94. India's BSE Sensex closed at 18,752.83, up 2.20 percent.
Commodity & Currency Scan:
Crude oil futures rose 0.75 percent to $93.11 per barrel and natural gas futures added 3.07 percent to $2.883 per million metric British thermal units. Gold futures gained 0.33 percent to $1,776.1 per ounce while silver futures shed 0.19 percent to $34.615 per ounce.
In the currency market, the euro rose 0.13 percent against the U.S. dollar to 1.2985. The British pound inched up 0.22 percent against the greenback to 1.6251, while the dollar fell 0.13 percent against the Japanese yen to 78.1400.