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Stock market today: Stocks edge lower on Wall Street, ending a 3-week winning streak for the S&P 500

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Stocks drifted lower on Wall Street, erasing the S&P 500's gains for the week.

Stocks on Wall Street gave up early gains and finished lower Friday, ending a three-week winning streak for the S&P 500. A flurry of selling late in the day left the benchmark index 0.4% lower and in the red for the week. The Nasdaq composite fell 0.7%, while the Dow Jones Industrial Average ended 0.1% lower. Despite the downbeat finish, the S&P 500 and the Nasdaq remain near their all-time highs.

30% just prior to the release of the PCE data. The yield on the two-year Treasury, which more closely tracks expectations for Fed actions, rose to 4.74% from 4.72% just prior to the data's release. The Fed raised interest rates to their highest level in more than two decades in an effort to tame inflation back to its 2% target. Other measures of inflation, including the well-known consumer price index, have also confirmed that pressure on prices has been easing.

 

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