NEW YORK ( TheStreet) -- Stocks closed mixed on Friday and lower for the week as worries about key Greek debt talks this weekend weighed on the market.
The S&P 500 lost 0.03%, the Dow Jones Industrial Average gained 0.31%, and the Nasdaq declined 0.62%. For the week, the S&P 500 posted losses of 0.4% and the Dow fell 0.32% losses of roughly 0.30%, while the Nasdaq fell 0.71%.
European Officials told Reuters that the odds of a deal at Saturday's meeting "were better than 50%" as creditors may be willing to reschedule the country's debt payment. So far, Greece and its creditors were unsuccessful in agreeing to a debt deal, despite three meetings this week. The clock is ticking as Greece has a payment due to the International Monetary Fund on June 30.
Also on Friday, the Russell 2000, an index of small-cap stocks, was reshuffled in an annual event that tends to result in the busiest trading day of the year. The index wrapped up Friday's trading day lower by 0.30% and fell 0.40% for the week.
"Friday's close will be the end of a trade that began almost 2 months ago, as traders began handicapping which equities would be included for the first time or swapped between various Russell indices," Nicholas Colas, chief market strategist at Convergex, wrote in a note.
Meanwhile, oil prices fell 0.18% to settle at $59.63 a barrel.
Micron (MU) - Get Report shares fell more than 18% on Friday after the chipmaker reported quarterly earnings and revenue that fell short of analysts' estimates amid a weak market for personal computers. The extended to other semiconductor companies such as Intel (INTC) - Get Report, which lost 2.8%, and SanDisk (SNDK) , which fell 1.6%.
Nike (NKE) - Get Report shares rose 4.2% following better-than-expected fiscal fourth-quarter earnings, helping to keep the Dow afloat. The athletic equipment and apparel company posted earnings per share of 98 cents, topping analysts' estimates by 15 cents on the heels of better margins.
On Thursday, Valeant Pharmaceuticals
(VRX) made an offer to acquire Zoetis
(ZTS) - Get Report, an animal-health company, sources toldThe Wall Street Journal, which said it's not clear what "the company's reaction to the approach was, if any, or whether it is open to a sale." Shares of Valeant fell 1.5% while Zoetis declined 12.4%.
Canadian fertilizer company Potash (POT) shares fell 1.8%, following reports that it's looking to merge with K+S, a fertilizer company based in Germany.
Shares of athletic retailer Finish Line (FINL) rose 4.9% after the company's sales and profit beat Wall Street's estimates. The company posted earnings per share of 30 cents, beating estimates of 24 cents.
Looking ahead to next week, investors await pending home sales on Monday, the S&P Case-Shiller Home Price Index on Tuesday and the June jobs report, which is released on Thursday, as markets are closed on Friday ahead of the July 4 holiday.