U.S. stocks were mixed on Friday, with the benchmark S&P 500 finishing just below the flat, the blue-chip Dow Jones Industrial Average taking a hit, and the tech-heavy Nasdaq Composite coming close to its all-time record.
The S&P 500 shed 1.74 points or 0.030% to extend its losing streak to four days and close at 5,808.12 points. It is 0.85% down for the week, losing a total of 49.70 points. The top gainers for the S&P 500 on Friday were fashion company Tapestry (up 13.54%) and footwear firm Deckers Outdoor (up 10.57%), while the list of biggest losers includes flooring manufacturer Mohawk Industries (down 13.82%) and healthcare provider Universal Health Services (down 9.75%).
The Dow Jones Industrial Average closed at 42,114.40 points on Friday, following a dip of 0.61% or 259.96 points. It is 2.56% down for the week after a loss of 1,107.81 points. The biggest gainer for Dow Jones on Friday was chipmaker Intel, which jumped 1.52%, while the biggest loser was fast food chain McDonald’s, with a slip of 2.97%.
The Nasdaq Composite was the only major index to be in the green on Friday with the help of big gainers like GLOBALFOUNDRIES, Tesla, and Old Dominion Freight Line. The Nasdaq added 103.12 points or 0.56% to close at 18,518.60. This was enough to push it to a weekly gain of 0.34% or 62.12.
The struggling week for stocks is likely caused by investors’ concerns over the Federal Reserve’s approach to interest rate policy. There is a growing belief that positive economic data might prompt the Fed to slow down its cuts or even halt them for the time being.