Wall Street ended flat on Friday as gains by Intel Corp, real-estate companies and utilities offset a drop in Facebook Inc after the social media network disclosed a security breach.
The S&P 500 lost 0.5 percent for the week, but for the third quarter it was up 7.2 percent, its best quarterly performance since the fourth quarter of 2013.
Facebook slumped 2.59 percent for the session after it said it discovered a security issue affecting about 50 million accounts. Its loss weighed more than any other stock on the S&P 500.
Intel jumped 3.08 percent and was the biggest boost on the three major indexes after the chipmaker said it was optimistic it would meet its full-year revenue target.
Smaller rival Advanced Micro Devices Inc tumbled 5.22 percent. The Philadelphia SE Semiconductor index gained 0.65 percent, also boosted by Nvidia Corp’s 5.09 percent jump on bullish comments from Evercore ISI. The S&P 500 technology index rose 0.43 percent.
Italy’s new government proposed a budget for next year with a deficit three times bigger than the previous administration’s target, sparking a sell-off in European stock markets and a drop in US Treasury yields as some investors shifted their focus to the US.
“Italy is weighing on people’s minds as to where they want to be,” said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta. “The US is the place to be, and the rest of the world — not so much.”
The S&P 500 utilities and and real-estate indexes, which typically benefit from lower interest rates because of the dividends their components pay, were the strongest performers among 11 indexes, both up more than 1 percent.
The Dow Jones Industrial Average ended 0.07 percent higher at 26,458.31 points, while the S&P 500 was essentially unchanged at 2,913.98, down 0.02