By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks fluctuated between mild
gains and losses on Friday after consumer sentiment reportedly fell
in August, with Wall Street appearing to be on track for a second
weekly drop.
The initial read of the University of Michigan/Thomson Reuters
consumer sentiment fell to 80.0 this month, down from 85.1 in July,
according to published reports.
After two difficult days, benchmark indexes were little
changed.
"An eerie calm, after yesterday's dramatic swings, has settled
over the capital markets," Marc Chandler, global head of currency
strategy at Brown Brothers Harriman, wrote in an emailed note.
Trading in a 57-point range, the Dow Jones Industrial Average
(DJI) was lately up 17.82 points, or 0.1%, at 15,130.01, a level
that has it down 1.9% for the week.
The S&P 500 index (SPX) added a fraction to 1,661.64, off
1.8% from last Friday's close.
Down 1.3% this week, the Nasdaq Composite (RIXF) rose 8.08
points, or 0.2%, to 3,614.19.
Decliners outdid advancers by a roughly 5-4 ratio on the New
York Stock Exchange, where 197 million shares traded by 10:10 a.m.
Eastern. Composite volume hit 570 million.
The Commerce Department reported housing starts climbed at an
annual rate of 896,00, less than the 915,000 estimated.
"They were a bit weaker than expected, but I still think it's
overall good news, as they approached 900,000. I was disappointed
about single-family starts, which actually declined, and it is a
bit surprising. Based on recent permit data, I was hoping to see
more of an uptick on the single-family side," said Elizabeth
Ptacek, a senior credit real-estate analyst at KeyBank.
But Ptacek believes that difficulty in getting financing is more
of an issue for housing than higher interest rates: "Credit remains
very tight. It's easing, but not quickly enough for first-time home
buyers."
The Labor Department reported productivity rose at a slightly
better-than-estimated 0.9% annual rate in the second quarter.
The 10-year Treasury yield (10_YEAR) rose 2 basis points at
2.788%.
Gold prices rose $6.00, or 0.4%, to $1,366.90 an ounce,
extending a two-day rally in which it gained $40.40, or 3.1%. Up
for six of its last five sessions, the metal is up 4.1% for the
month and down 19% for the year. Oil prices gained and the dollar
edged higher against the currencies of major U.S. trading
partners.
Nordstrom Inc. (JWN) shares fell 2.8% a day after the high-end
retailer reported lower-than-expected sales and cut its full-year
forecast.
Aspen Technology Inc. (AZPN) shares jumped 12% after the maker
of software for process manufacturing posted higher-than-expected
sales and earnings for the fiscal fourth quarter.
Dell Inc.(DELL) posted adjusted earnings of 25 cents per share
-- a penny higher than analysts had predicted. Shares of the
personal-computer maker were flat.
Upbeat jobless-claims data on Thursday helped cement the view
that tapering of the Federal Reserve's bond-buying program will
happen in September. U.S. stocks sank for a second day, driven by
tapering fears, downbeat corporate news and a spike in Treasury
yields to 2011 highs.
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