U.S. Stocks End Week Mostly Flat

Stocks rallied Friday afternoon, erasing early pessimism as the major averages closed just above their respective break-even marks. The Dow Jones Industrial Average was down just over 150 points mid-morning only to start a slow rebound as the session advanced following new data showing consumer sentiment climbing to a six-year high this month. Still, it was difficult to entirely shake off the early defensive stance following Japan's steep three-percent decline, with healthcare and utility stocks continuing to pace the S&P 500. Energy and mining stocks slumped with declining commodity prices.

Consumer Sentiment
It was a light day for economic data, with only the Thomson Reuters/University of Michigan index of consumer sentiment the lone report to influence market direction Friday. The overall index continued to its recent pattern of upside surprises, rising a full point over June's final tally to a 85.1 reading for July. Analysts, on average, were looking for a small decline from June to a 84.0 score.

The survey's barometer of current economic conditions also hit the highest level in six years on a final reading basis, jumping to 98.6 from 93.8. But the gauge of consumer expectations was less robust, slipping to 76.5 from 77.8.

Why Worry?
Earlier, more worries over China's rate of economic growth appeared to be dominating trader attitudes. The market also maintained a cautious tone ahead of the upcoming Federal Open Markets Committee meeting next week, getting little solace from recent remarks from Fed Chairman Ben Bernanke suggesting a more dovish central bank.

Commodities were lower. Crude oil for September delivery settled 79 cents lower at $104.70 per barrel while September natural gas was down 5 cents to $3.59 per 1 mln BTU. August gold slid $7.30 to finish at $1,321.70 an ounce while September copper fell 8 cents, ending at $3.11 per pound.

Here's Where The Markets Stood At Day's End

• Dow Jones Industrial Index up 3.22 (+0.02%) to 15,558.83
• S&P 500 up 1.40 (+0.08%) to 1,691.65
• Nasdaq Composite up 7.98 (+0.22%) to 3,613.16

• FTSE 100 down 0.60%
• Hang Seng Index up 0.31%
• Shanghai China Composite down 0.51%

• (+) ETRM, U.S. regulators accept the company's Pre-Market Application for its VBLOC obesity therapy, including data from clinical trial using the pacemaker-like device that blocks the primary nerve regulating the digestive system.
• (+) LOGM, Reports Q2 net income of $0.13 per share, beating Wall Street expectations by $0.01 per share. Revenue climbs 20.4% to $40.7 mln, topping estimates by $1.37 million. Issues mixed guidance for Q3, FY13, with revenue for both periods topping analyst calls.
• (+) GENT, European regulators reconsider past rejection of the company's Defitelio drug therapy, now approving its use in exceptional circumstances by patients with obstructed blood vessels in their liver.

• (-) ZNGA, Decides against pursuing license for real-money gaming in the United States but will continue to evaluate opportunities in the UK.
• (-) EXPE, Q2 EPS of $0.64 declines by $0.25 from same quarter last year and trails analyst expectations by $0.15 per share. Revenue grows 16% year-over-year to $1.21 billion, also missing Wall Street consensus by around $55 million.
• (-) SWI, Software company cuts Q3 guidance, trailing analyst consensus by at least $0.03 per share. Projected revenue also lags Street view.