LUG:CC - S&P Celebrates Second Straight Weekly Gain Despite Friday Fall
Stocks fell Friday, pressured by a spike in oil prices and rising inflation expectations, as Wall Street wraps up a volatile week.
The Dow Jones Industrials recovered 39.22 points to end Friday and the week at 33,670.36.
The S&P 500 index dropped 21.82 points to 4,327.79.
The NASDAQ index tumbled 166.99 points, or 1.2%, at 13,407.23. The S&P and NASDAQ put ends to four-day win streak.
The S&P 500 enjoyed a weekly gain of more than 19 points, or 0.45%, and the Dow had a weekly gain of more than 262 points, or 0.78%.
The NASDAQ was down 24 points, or 0.18%, on the week.
The major indexes came off their session highs after consumer sentiment data was released earlier Friday. According to the University of Michigan's closely
A slew of largely positive reports from major financial firms on Friday kicked off the third-quarter earnings season. Shares of JPMorgan Chase added 1.5% and Wells Fargo rose nearly 3%, while Citigroup also edged 0.3% lower, losing earlier gains, after posting largely positive earnings. BlackRock's shares fell 1.9% lower.
UnitedHealth Group, which has the highest price per share of any Dow stock, gained 2.4% on earnings.
Prices for the 10-year Treasury rose sharply on the day, lowering yields to 4.62% from Thursday's 4.71%. Treasury prices and yields move in opposite directions.
Oil prices added $4.75 to $87.66 U.S. a barrel.
Gold prices were better by 59 dollars to $1,942.