Quick Recap

Here is a quick recap of what was for the most part a quiet session:

• Wall Street ended the week on a mixed note. The Dow fell modestly on the day, while the Nasdaq was able to hang on to a small gain.
• Palm supported the Nasdaq. The company predicted that it will be cash-flow positive by the end of the quarter. Palm shares gained 2.23 to 16.22. Sprint, which provides services for Palm Pre phones, closed up 31 cents at 4.99.
• Energy stocks fell as oil slipped by over a dollar per barrel.
• Health care stocks weakened as Congressional rhetoric supported reform of the industry.
• Economic news appeared neutral. The U.S. savings rate jumped to a 15-year high in May. That may be good news long-term for the economy, but in the short term, it suggests lower consumer spending.
• A call by China for a global currency put pressure on the dollar.
• The Dow closed down 34.01 at 8438.39.
• Rebalancing of Russell stock indexes created a flurry of activity at the close, and NYSE volume totaled over 2.3 billion shares.
• The S&P 500 was down one point.
• The Nasdaq gained 8.68.
• Advancing issues beat decliners by 3-2 on the NYSE and by nearly 2-1 on the Nasdaq.
• The 10-year Treasury note rose 4/32 to yield 3.52%.
• For the week, the Dow was down 101 points, or 1.2%. The S&P 500 was down 2 points, or 0.3%, and the Nasdaq gained 10 points, or 0.6%.