NEW YORK — A record-setting week for Wall Street closed on a quieter note. U.S. stocks mostly pulled back from their highs hit during a worldwide rally the day before, even as the Dow Jones Industrial Average edged up to another record. The S&P 500 fell 0.2% Friday, but it still had its fifth winning week in the last six. The Dow eked out a gain of 0.1%. The Nasdaq composite fell 0.4%. FedEx sank after its profit and revenue for the latest quarter fell short of expectations.
Helping to limit the market's losses was Nike, which ran 5.7% higher after it named Elliott Hill as its chief executive. Hill, 60, had spent more than three decades at Nike in various leadership positions before retiring in 2020. Constellation Energy also leaped 21.5% after announcing it will restart the Three Mile Island nuclear plant and sell the power to Microsoft.
TMTG stock has dropped below $14 from more than $60 in March, and its decline Friday was actually fairly typical in size. Over the last six months, it’s often swung by at least 5% in a day, up or down. The cut closed the door on a run where the Fed kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Now that inflation has fallen from its peak two summers ago, Chair Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.
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