Stocks closed out the week flat on Friday after a sell-off in biotechs offset a banking rally. Bobbi Rebell reports.
A Friday rally, fizzling by the end of the day after a sell-off in biotechs took the wind out a banking rally that had been sparked by Fed chair Janet Yellen said Thursday she expects an interest rate hike this year. For the week, stocks lost ground. Lifting sentiment earlier in the session: second quarter GDP was revised upward to 3.9 percent. Morningstar's Robert Johnson: SOUNDBITE: ROBERT JOHNSON, DIRECTOR OF ECONOMY ANALYSIS, MORNINGSTAR (ENGLISH) SAYING: "Here is further evidence the U.S. economy is hanging in there. So, it's really the outlier compared to especially emerging markets." Pulling up the S&P 500: Nike. Strong growth in China - yes China - helped drive quarterly profit up 23 percent. Shares of rival Under Armour went along for the ride. Weighing on the S&P: Staples. Shares of Staples and Office Depot dropped on word E.U. antitrust officials have begun probing its merger. Apple's iPhone 6s and 6s Plus hit store shelves Friday. Investors went shopping for its stock and those of its chip-making suppliers like Cirrus Logic, Qorvo, and Skyworks Solutions. In Europe, stocks bounced back strongly as the sell-off in auto shares eased.