Wall Street closes another week of modest losses

NEW YORK (AP) — U.S. stocks drifted to a mixed finish on Friday in a quiet return to trading following the Juneteenth holiday.

The S&P 500 fell 0.2% to close out a second straight week of modest losses. The Dow Jones Industrial Average added 35 points, or 0.1%, and the Nasdaq composite fell 0.5%.

Treasury yields also held relatively steady in the bond market after President Donald Trump said he will decide within two weeks whether the U.S. military will get directly involved in Israel’s fighting with Iran. The window offers the possibility of a negotiated settlement over Iran’s nuclear program that could avoid increased fighting.

The conflict has sent oil prices yo-yoing over the last week, which has in turn caused see-saw moves for the U.S. stock market, because of rising and ebbing fears that the war could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world’s crude passes.

“We’re all waiting on pins and needles to see what happens with the Israel-Iran situation,” said Brian Jacobsen, chief economist at Annex Wealth Management. “These types of situations can stress markets, but often the best way to manage that stress is to just ride through it and not try to trade it.”

On Wall Street, Kroger rose 9.8% after the grocer reported a better profit for the latest quarter than Wall Street had forecast. It also raised its forecast for an underlying measure of revenue for the full year. But while Chief Financial Officer David Kennerley said it’s seeing positive momentum, the company is also still seeing an uncertain overall economic environment.