Advertisment
The Dow Jones Industrial Average eked out a gain on Friday, capping a big rally for the week that came after the first major easing of interest rate policy by the Federal Reserve in four years.
The blue-chip index surged late in the session 38.17 points to 42,063.36, yet another record high.
The S&P 500 index skidded 11.05 points from record highs of Thursday, to 5,702.55.
The NASDAQ Composite wilted 65.66 points to 17,948.32.
The three major averages notched weekly gains. The S&P 500 rose 1.36%, posting its fifth positive week over the last six weeks. The index is up more than 19% in 2024. The Dow ended the week higher by 1.62%, while the tech-heavy NASDAQ advanced 1.49%.
FedEx dented sentiment a bit on Friday after the shipping behemoth cut its earnings outlook. Shares dropped more than 15% and competitor UPS shed 2.7% in sympathy.
Prices for the 10-year Treasury eased back, lifting yields to 3.74% from Thursday’s 3.73%. Treasury prices and yields move in opposite directions.
Oil prices doffed 18 cents at $71.77 U.S. a barrel.
Gold prices popped $31.70 to $2,646.30 U.S. an ounce
