The Associated Press
Stocks closed lower on Wall Street Friday as worries about interest rates offset an encouraging start to earnings reporting season for big U.S. companies.
The S&P 500 lost 0.2% but still squeezed out a fourth weekly gain in the last five. The Dow and Nasdaq fell a bit more.
A top Fed official warned more interest rate hikes may be needed to get inflation under control. That hurt Wall Street’s hopes that an end to increases was near, and it added to worries about a possible recession this year. Treasury yields rose. Gains for JPMorgan Chase and other big banks helped to limit Wall Street’s losses following blowout profit reports.
The S&P 500 fell 8.58 points, or 0.2%, to 4,137.64.
The Dow Jones Industrial Average fell 143.22 points, or 0.4%, to 33,886.47.
The Nasdaq composite fell 42.81 points, or 0.4% to 12,123.47.
The Russell 2000 index of smaller companies fell 15.53 points, or 0.9%, to 1,781.15.
For the week:
The S&P 500 is up 32.62 points, or 0.8%.
The Dow is up 401.18 points, or 1.2%.
The Nasdaq is up 35.51 points, or 0.3%.
The Russell 2000 is up 26.69 points, or 1.5%.
For the year:
The S&P 500 is up 298.14 points, or 7.8%.
The Dow is up 739.22 points, or 2.2%.
The Nasdaq is up 1,656.98 points, or 15.8%.
The Russell 2000 is up 19.91 points, or 1.1%.