The S&P dipped a bit thereby breaking four consecutive sessions of new all-time highs but the Dow shot up for a fourth consecutive session to another new all-time high with an extra 10 points to its credit.  Q2 still has everyone feeling quite confident but everything ground to a halt with the news of the military coup in Turkey, still entirely unresolved at close.  Developments will be closely watched over the weekend while the market bets that the coup fails.  I am writing this at 1:20 a.m.  It was announced on MSNBC at about 11:45 p.m. that the coup had failed but, even at this hour, CNN has not accepted that stance, still reporting that it remains unknown who is really in control in Ankara.  It will be an interesting weekend.  Volume was below average at 6.1 billion.

Markets | Fri Jul 15, 2016 6:04pm EDT

Wall St. ends flat but futures slip after Turkey coup reports

NEW YORK | BY RODRIGO CAMPOS

DJ: 18,516.55  +10.14       NAS: 5,029.59  -4.47          S&P:  2,161.74  -2.01  

REUTERS/BRENDAN MCDERMID

The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence.  But equity futures fell after the closing bell following reports of a coup in Turkey. The military said it had seized power, but the prime minister said the attempted coup would be put down.

"U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

"How it plays out depends on what the effects are by the time markets open on Monday. It is unclear right now who is in control."

A U.S. exchange-traded fund that follows the Turkish stock market dropped sharply near the end of the session and was down 6 percent after the bell.

S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.

Jacobsen added: "I don't think this spills over to other countries. This isn’t like the Arab Spring of 2011 where there was a cascade of anti-government protests in favor of democratic reforms. The issues Turkey is wrestling with seem unique to Turkey."

RECORD-SETTING WEEK ENDS FLAT

During the normal-hours session, consumer stocks led declines on the S&P 500 while the financial sector posted a less than 0.2 percent drop, even as Wells Fargo, whose profits fell in the second quarter, fell 2.5 percent to $47.71 to rank as the largest weight on the S&P.

But expectations for S&P earnings ticked up to a 4.7 percent decline from a view of a 5-percent drop earlier in the week, cementing hopes that an earnings contraction bottomed in the first quarter.

Adding to investor confidence, U.S. retail sales rose more than expected in June, bolstering views that economic growth picked up in the second quarter.

"When you go into earnings season with negative bias in the market it bodes well for stocks. Any positive surprises will force shorts to cover and gives an upbeat tone," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

The Dow Jones industrial average rose 10.14 points, or 0.05 percent, to 18,516.55, the S&P 500 lost 2.01 points, or 0.09 percent, to 2,161.74 and the Nasdaq Composite dropped 4.47 points, or 0.09 percent, to 5,029.59.

The Dow closed at a record high and joined the S&P 500 in posting fresh intraday historic highs. The three major indexes closed their third week of gains, a period in which the S&P advanced more than 6 percent.

Market reaction on Friday to a Thursday attack in France that killed more than 80 people was limited to declines in travel and leisure company shares.

Herbalife jumped 9.9 percent to $65.25 after the weight-loss products maker agreed to pay $200 million and change the way it does business to avoid being labeled a pyramid scheme by regulators.

Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favored advancers.

The S&P 500 posted 26 new 52-week highs and no new lows; the Nasdaq Composite recorded 77 new highs and 18 new lows.

About 6.1 billion shares changed hands in U.S. exchanges, below the 7.8 billion daily average over the past 20 sessions.