US STOCKS-Wall Street eyes worst week in six after mixed data

(Repeats to more subscribers)

* Consumer sentiment ticks up in August

* Retail sales up in July but softness lingers

* Dow up 0.2 pct, S&P up 0.1 pct, Nasdaq off 0.2 pct
* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midday, changes byline)

By Leah Schnurr

NEW YORK, Aug 13 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) mostly edged
higher on Friday, though all three indexes were on track for
their worst week in six weeks as mixed economic data did
little to convince investors of the recovery’s strength.

U.S. retail sales rebounded last month, as did the overall
Consumer Price Index for July, but the data still pointed to
an economy that has slowed considerably in recent months. The
Thomson Reuters/University of Michigan Surveys’ preliminary
August reading showed consumer sentiment stabilized this month
after a sharp drop in July, while the Commerce Department said
business inventories rose more than expected in June. For
details, see [ID:nN13180040]

An index of consumer discretionary stocks (.GSPD: ) slipped
0.5 percent, weighing on the broader market following the
data, as well as disappointing outlooks from upscale retailer
Nordstrom Inc (JWN.N: ) and department store chain J.C. Penney
Co Inc (JCP.N: ). Nordstrom tumbled 7.1 percent to $31.08 and
J.C. Penney lost 3 percent to $20.18. [ID:nN12261485]
[ID:nN13230095]

Positive corporate earnings and an improvement in
technicals helped the market rally through July and early
August. But sentiment soured this week after the Federal
Reserve gave a darker assessment of the economy.

The S&P 500 also relinquished its hold on the 200-day
moving average that had generated some positive momentum and
was also trading below its 50-day moving average on Friday.

“While there’s few that believe that a double-dip
recession will occur, it’s being talked about, and that tends
to cloud the psychology of investors,” said Bucky Hellwig,
senior vice president of BB&T Wealth Management in Birmingham,
Alabama.

The Dow Jones industrial average (.DJI: ) added 22.25
points, or 0.22 percent, to 10,342.20. The Standard & Poor’s
500 Index (.SPX: ) edged up 0.57 of a point, or 0.05 percent, to
1,084.18. The Nasdaq Composite Index (.IXIC: ) slipped 4.62
points, or 0.21 percent, to 2,185.65.

The three major indexes were on track for their biggest
weekly decline in six weeks and they are also in negative
territory for the year.

The Dow got a lift from Boeing (BA.N: ), up 1.2 percent at
$65.46, following a statement from Southwest Airlines Co
(LUV.N: ) that is is considering an opportunity to add the
Boeing 737-800 plane to its fleet as part of its domestic
network.

But education companies’ shares were hit with the
government planning to release student loan repayment rates
for for-profit schools as part of an effort to tighten
scrutiny of federal student aid. [ID:nN12101393]

Apollo Group (APOL.O: ) pressured the Nasdaq, dropping 4
percent to $38.85. RBC cut its price target on the stock to
$45 from $75.

Eli Lilly and Co (LLY.N: ) dropped 2.4 percent to $35.72
after the drugmaker lost a patent case that cleared the way
for generic competition for Strattera, its attention deficit
disorder drug. [ID:nN12148299]
(Reporting by Leah Schnurr; Editing by Jan Paschal)

US STOCKS-Wall Street eyes worst week in six after mixed data