Wall Street closed out a week of choppy trading with stocks mostly lower on Friday (US time), though gains for several tech companies pushed the Nasdaq composite to another record high and its first close over 16,000 points.
The S&P 500 index gave up 0.1 per cent a day after setting an all-time high. The Dow Jones Industrial Average fell 0.7 per cent and the Nasdaq composite rose 0.4 per cent. Despite an up-and-down week, the S&P 500 and Nasdaq notched weekly gains, while the Dow posted its second-straight weekly loss.
Nasdaq’s record high was the bright spot in an otherwise choppy session for Wall St on Friday.Credit:Bloomberg
Some 66 per cent of companies in the S&P 500 fell, with financial and energy stocks accounting for a big share of the pullback. Those losses outweighed gains in technology and a mix of companies that rely on consumer spending.
The S&P 500 fell 6.58 points to 4,697.96. The Dow slid 268.97 points to 35,601.98, its third straight drop. The Nasdaq added 63.73 points to 16,057.44, for its sixth straight gain. The Australian sharemarket is poised for a negative start to the session, with futures on Saturday pointing to a fall of 45 points or 0.6 per cent, at the open.
Investors continued to review earnings from a range of retailers to essentially close out the latest round of corporate report cards. They’re also focusing on the potential risks to the economy and corporate profits from rising inflation, which has pushed stocks into a bumpier path after weeks of solid gains.
“There’s still a wide range of outcomes and perspectives around whether inflation is becoming more imbedded and durable or will be transitory,” said Bill Northey, senior investment director at US Bank Wealth Management.
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