Wall Street has put the wraps on a turbulent week, one that saw the benchmark S&P 500 post its second consecutive weekly loss. The S&P dipped 3 points to 4,155 on Friday, the Dow rose 123 points to 34,207, and the Nasdaq fell 64 points to 13,470. After a strong morning, tech stocks in particular faltered in the afternoon, reports the Wall Street Journal. They fell around the same time Bitcoin declined as well, this time after Chinese regulators warned of a crackdown on mining and trading behavior. The price of a coin dipped 7% to about $37,000.
The theme of the day on Wall Street, as it has been all week, revolved around worries about inflation, per the AP. "The market is trying to digest signs of incipient inflation that may be more than transitory, with what the Fed's reaction might be," said Alicia Levine, chief strategist at BNY Mellon Investment Management. Banks and health care companies generally did well on Friday, but those gains were kept in check by the tech losses. (More stock market stories.)
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