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Stocks Snap Five-Week Winning Streak

U.S. stocks closed lower on Friday, resulting in the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average bringing an end to their five-week winning streaks. The Dow Jones Industrial Average edged 0.1% lower for the week, while the benchmark S&P 500 slipped 0.4% and the tech-heavy Nasdaq Composite lost as much as 1.3% for the week. Still, the S&P 500 remains up 4.9% for the year to date.

Despite Friday’s weekly losses, stocks on the New York Stock Exchange remain steady despite an influx of data this past week indicating that inflation remains more stubborn than expected. Both the Consumer Price Index and Producer Price Index for January proved stronger than Wall Street analysts expected.

Other data digested by investors this week included a 14.8% decrease in the construction of new homes in January, with home builders largely suspending new projects. Some stocks rose on Friday following strong financial reports, with Applied Materials Inc. surging by 6% after releasing upbeat earnings.

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