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U.S. stocks closed mixed on Friday to end a volatile week of trading as concerns over rising inflation dented investors’ confidence, bringing growth stocks under pressure. The Dow ended positive territory while the S&P 500 and Nasdaq closed in the red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 0.4% or 123.59 points to finish at 34,207.84 driven by a rally in shares of The Boeing Company (BA - Free Report) .
The S&P 500 fell 0.1% or 3.26 points to close at 4,155.86 points, dragged down by tech stocks despite financial stocks putting up a good show. The index was trading as much as 0.7% higher at one point during the day.
The Financials Select Sector SPDR (XLF) gained 1% but the Technology Select Sector SPDR (XLK) slid 0.6%. Seven of the 11 sectors of the benchmark index closed in positive territory.
The fear-gauge CBOE Volatility Index (VIX) was down 2.52% to 20.15. A total of 9.08 billion shares were traded on Friday. Advancers outnumbered decliners on the NYSE by a 1.46-to-1 ratio. On Nasdaq, a 1.26-to-1 ratio favored advancing issues.
Inflation Concerns, Bitcoin Price make Investors Shaky
Friday’s session was comparatively less volatile than the other days of the week. However, concerns over inflation continued to make dent their confidence. Investors are still unsure about how long the Fed will try and keep rates lower. This made them somewhat shaky, thus taking a toll on stocks.
Also, Bitcoin prices, which took a toll on stocks earlier this week after a 30% decline, once again fell on Friday after Chinese Vice Premier Liu He cautioned about bitcoin mining and trading behavior. Liu he said that tighter regulation on cryptocurrencies is required to safeguard the financial system. This weighed heavy on tech stocks on Friday.
Economic Data
Economic data came in mixed on the last trading day of the week. The National Association of Realtors said, existing home sales declined 2.7% in April to a seasonally adjusted annual rate of 5.85 million annual rate.
However, the IHS Market flash U.S. composite index jumped to 68.1 in May from 63.5 in April. The services index rose to a record 70.1 in May from 64.7 in the month earlier. The flash manufacturing index rose to another record high of 61.5 from 60.5 in April.
Weekly Roundup
It was an overall volatile week that saw choppy trading sessions. For the week, the Dow closed 0.4% lower. The blue-chip index has now registered loses in four of the past five weeks
The S&P 500 closed 0.4% lower, recording its second straight week of loses. The tech-heavy Nasdaq gained 0.3% for the week, ending its four-week losing streak.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Image: Bigstock
Stock Market News for May 24, 2021
U.S. stocks closed mixed on Friday to end a volatile week of trading as concerns over rising inflation dented investors’ confidence, bringing growth stocks under pressure. The Dow ended positive territory while the S&P 500 and Nasdaq closed in the red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 0.4% or 123.59 points to finish at 34,207.84 driven by a rally in shares of The Boeing Company (BA - Free Report) .
The S&P 500 fell 0.1% or 3.26 points to close at 4,155.86 points, dragged down by tech stocks despite financial stocks putting up a good show. The index was trading as much as 0.7% higher at one point during the day.
The Financials Select Sector SPDR (XLF) gained 1% but the Technology Select Sector SPDR (XLK) slid 0.6%. Seven of the 11 sectors of the benchmark index closed in positive territory.
The tech-heavy Nasdaq declined 0.5% or 64.75 points to end at 13,470.99 points. Shares of Apple, Inc. (AAPL - Free Report) and Microsoft Corporation (MSFT - Free Report) fell 1.5% and 0.5%, respectively. Microsoft carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The fear-gauge CBOE Volatility Index (VIX) was down 2.52% to 20.15. A total of 9.08 billion shares were traded on Friday. Advancers outnumbered decliners on the NYSE by a 1.46-to-1 ratio. On Nasdaq, a 1.26-to-1 ratio favored advancing issues.
Inflation Concerns, Bitcoin Price make Investors Shaky
Friday’s session was comparatively less volatile than the other days of the week. However, concerns over inflation continued to make dent their confidence. Investors are still unsure about how long the Fed will try and keep rates lower. This made them somewhat shaky, thus taking a toll on stocks.
Also, Bitcoin prices, which took a toll on stocks earlier this week after a 30% decline, once again fell on Friday after Chinese Vice Premier Liu He cautioned about bitcoin mining and trading behavior. Liu he said that tighter regulation on cryptocurrencies is required to safeguard the financial system. This weighed heavy on tech stocks on Friday.
Economic Data
Economic data came in mixed on the last trading day of the week. The National Association of Realtors said, existing home sales declined 2.7% in April to a seasonally adjusted annual rate of 5.85 million annual rate.
However, the IHS Market flash U.S. composite index jumped to 68.1 in May from 63.5 in April. The services index rose to a record 70.1 in May from 64.7 in the month earlier. The flash manufacturing index rose to another record high of 61.5 from 60.5 in April.
Weekly Roundup
It was an overall volatile week that saw choppy trading sessions. For the week, the Dow closed 0.4% lower. The blue-chip index has now registered loses in four of the past five weeks
The S&P 500 closed 0.4% lower, recording its second straight week of loses. The tech-heavy Nasdaq gained 0.3% for the week, ending its four-week losing streak.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>