Summertime settled into Wall Street on Friday as major stock indexes drifted slightly higher going into the weekend. The listless day of trading left the stock market with a tiny loss for the week, its second this month.
A handful of corporate results drove trading in some big names. Warnings of weaker earnings pushed DuPont down, while stronger results pushed Nike up. But the overall market was essentially flat.
The fact is, it’s the summer, and there isn’t much happening, said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.
That could change quickly. Turmoil in the Middle East could easily rattle U.S. markets, especially if the fighting in Iraq drives oil prices too high, Ablin said. Rising tensions between Ukraine and Russia also remain a concern.
The risk in the summer typically isn’t financial, it’s political, he said. This summer it’s geopolitical: Iraq and Ukraine.
The Standard & Poor’s 500 index edged up 3.74 points, or 0.2 percent, to close at 1,960.96. The most widely used benchmark for stock funds lost 1.91 points for the week, a loss of 0.1 percent.
The Dow Jones industrial average rose 5.71 points, less than 0.1 percent, to close at 16,851.84, while the Nasdaq composite rose 18.88 points, or 0.4 percent, to 4,397.93.
Deadline July 15 for acreage reports
The deadline to file an acreage report for spring seeded crops is July 15, according to the U.S. Department of Agriculture Indiana Farm Service.
Although July 15 is the most common deadline to report acreage for spring seeded crops, this date may be different in locations with climates that are warmer or cooler than average.
Producers should contact their county FSA office if they are uncertain about acreage reporting deadlines or visit www.fsa.usda.gov.
12 US banks fold this year
Regulators have closed a lender in Oklahoma, bringing U.S. bank failures this year to 12 after 24 closures in all of 2013.
The Federal Deposit Insurance Corp. said Friday that it has taken over Freedom State Bank, based in Freedom, Oklahoma.
The bank, which operated one branch, had about $22.8 million in assets and $20.9 million in deposits.
Alva State Bank & Trust Co. agreed to pay the FDIC a premium of 1 percent to assume all the deposits of Freedom State Bank. It also agreed to buy roughly $17.7 million of the failed bank’s assets.
The failure of Freedom State Bank is expected to cost the deposit insurance fund $5.8 million.
U.S. bank failures have been declining since they peaked in 2010.
Lilly wins backing for generic insulin
Eli Lilly & Co. won European backing for a generic version of Sanofi’s Lantus insulin, paving the way for the first copycat of the French drugmaker’s top-selling medicine.
Lilly’s Abasria insulin was recommended by the European Medicines Agency’s Committee for Medicinal Products for Human Use for the treatment of diabetes, the agency said Friday. The European Commission, the EU’s executive arm, usually follows the panel’s recommendation.
Lantus, which garnered Paris-based Sanofi $7.8 billion in sales in 2013, loses patent protection in Europe in May next year.
The U.S. patent on Lantus expires in February, but generic competition there may be delayed after Sanofi in January said it was suing Indianapolis-based Lilly over its plans to introduce a generic in the United States.