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Stocks Usually Ends Lower, But Tech Gains Push Nasdaq Higher

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Wall Street closed a week of choppy trading with mostly stocks falling on Friday, although gains from several tech companies pushed the Nasdaq composite to a new high and its first close above 16,000 points.

The S&P 500 Index lost 0.1% per day after hitting an all-time high. The Dow Jones Industrial Average fell 0.7% and the Nasdaq composite rose 0.4%. Despite a checkered week, the S&P 500 and Nasdaq posted weekly gains, while the Dow Jones recorded its second consecutive weekly loss.

Some 66% of S&P 500 companies fell, with financials and energy stocks accounting for much of the decline. These losses have outpaced technological gains and a mix of businesses that depend on consumer spending.


Investors continued to examine earnings from a range of retailers to essentially close the latest round of corporate newsletters. They also focus on the potential risks to the economy and corporate earnings from rising inflation, which has pushed stocks onto a bumpier path after weeks of solid gains.

There is still a wide range of results and perspectives as to whether inflation becomes more entrenched and lasting or will be transient, said Bill Northey, senior director of investments at US Bank Wealth Management.

The S&P 500 lost 6.58 points to 4,697.96. The Dow Jones slipped 268.97 points to 35,601.98, its third consecutive decline. The Nasdaq added 63.73 points to 16,057.44, for its sixth consecutive gain.

Small business stocks fell more than the broader market. The Russell 2000 Index lost 20.43 points, or 0.9%, to 2,343.16.

The 10-year Treasury yield fell to 1.54% from 1.59% Thursday night. Falling bond yields have weighed on banks, which rely on higher yields to charge more lucrative interest on loans. JPMorgan Chase fell 1.3%.

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