U.S. stocks closed mixed on Friday, posting a loss for the week, as investors digested earnings reports and awaited resolution on the Greece debt talks. ( Tweet This )
"I think overall in spite of Nike's good earnings... the stock market, especially the large caps, are just not ready to break out here," said Marc Chaikin, CEO of Chaikin Analytics.
The Dow Jones industrial average closed 56.66 points higher after briefly gaining more than 100 points. Leading blue chips, Nike ended more than 4 percent higher at a record following a strong earnings report.
In contrast to the blue-chip gains, the Nasdaq Composite dipped 1 percent as tech stocks declined. Micron plunged 18 percent to below its 52-week low on a weak earnings report. The iShares Nasdaq Biotechnology ETF (IBB) closed about 0.80 percent lower. Information technology fell about 1 percent to weigh on the S&P 500.
The Dow and S&P ended about 0.40 percent lower to post their first weekly loss in three.
The Nasdaq Composite closed 0.71 percent lower for the week, its fourth weekly drop in five, despite closing at records on Monday and Tuesday.
"Greece is certainly the focus. It's the main driver of investors not going into this weekend in any big way on a summer Friday ahead of what could be a big decision over the weekend," said Art Hogan, chief market strategist at Wunderlich Securities.
Greek Prime Minister Alexis Tsipras called an urgent cabinet meeting on Friday evening to discuss a bailout deal, Reuters reported.
The country's finance minister Yanis Varoufakis said in a Reuters report that Saturday's meeting with the euro group of finance leaders will try to converge on a deal that includes debt and funding. He added that Greece has made concessions and that Athens rejects a 5-month funding proposal from lenders.
Earlier, European Commission President Jean-Claude Juncker said in a Reuters report he was "quite optimistic but not over-optimistic" of a deal with Greece on a cash-for-reform deal at a crucial meeting of euro zone finance ministers on Saturday.
The cash-strapped nation failed to reach a resolution with its creditors during several meetings this week. Leaders are scheduled to meet Saturday for another attempt to reach a deal ahead of the imminent June 30 repayment deadline.
Bond yields rose, with the U.S. 10-year Treasury yield near 2.48 percent and the 2-year note yield near 0.70 percent. The 30-year yield climbed to 3.25 percent, the highest since last September 24. German 10-year bund yields leaped to 0.92 percent.
"The bump up in yields suggests that a Greece deal is imminent," said Peter Cardillo, chief market economist at Rockwell Global Capital.