Wall Street's best week since March came to a quiet close on Friday with modest losses on the day.
- The Dow lost 108 points, or 0.3%, to 34,299.
- The S&P 500 lost 16 points, or 0.3%, to 4,409, which brings an end to a six-day winning streak.
- The Nasdaq lost 93 points, or 0.6%, to 13,689.
- Despite those losses, the benchmark S&P rose about 2.7% for the week, its best weekly performance since March, reports CNBC. The Nasdaq fared even better, up about 4%, while the Dow rose about 2% on the week.
Of note on the market Friday: Software maker Adobe rose 1.3% after reporting solid financial results and raising its profit forecast, per the AP. Humana dropped 3.8% after becoming the latest health insurer to warn about rising costs because of pent-up demand for medical services. Health insurance giant UnitedHealth issued a similar warning earlier in the week. In terms of the broader market, the strong week came as the Federal Reserve opted not to raise rates for the first time in several weeks.
“The idea that the Fed is pausing and taking time to see what the cumulative effect is on the economy, from a policy standpoint, is the right move for them,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. The S&P 500 has ripped 15% higher this year because of rising hopes that the Federal Reserve will end its hikes to interest rates soon as inflation cools and that the economy will avoid a scarring recession. Most of Wall Street's gains have come from big tech stocks, the ones that would benefit most from easier rates.
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