The Standard & Poor’s 500 index gave up 0.1% a day after setting an all-time high. The Dow Jones industrial average fell 0.7% and the Nasdaq composite rose 0.4%. Despite an up-and-down week, the S&P 500 and Nasdaq notched weekly gains, while the Dow posted its second straight weekly loss.
Investors continued to review earnings from a range of retailers to essentially close out the latest round of corporate report cards. They’re also focusing on the potential risks to the economy and corporate profits from rising inflation, which has pushed stocks into a bumpier path after weeks of solid gains.
Smaller-company stocks fell more than the broader market. The Russell 2000 index lost 20.43 points, or 0.9%, to 2,343.16. Several companies that rely on direct consumer spending for goods and services also rose. Tesla added 3.7% and Nike rose 2.1%.Food and Drug Administration opened up COVID-19 booster shotsU.S. stocks have been mostly pushing higher since early October as companies reported much stronger profits for the summer than analysts expected. More than 95% of companies in the S&P 500 have reported their latest quarterly results in recent weeks, posting overall earnings growth of about 40%.
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