Equities End Flat but Dow Ekes Out Record in Strong Week
U.S. stocks closed nearly unchanged on Friday, as investors paused buying after a strong rally in the prior session that was fueled by an upsized interest-rate cut by the Federal Reserve, while Nike's gains helped nudge the Dow to a record.
After notching their biggest daily percentage gains since mid-August, major averages were subdued for most of the session, but managed to secure weekly gains of at least 1%.
Stocks briefly had pared losses after comments from Fed Governor Christopher Waller increased expectations the central bank will cut interest rates by 50 basis points at its November meeting, having just cut by 50 bps on Wednesday.
Fellow Governor Michelle Bowman, however, maintained that a smaller Fed cut this week would have been preferred.
According to preliminary data, the S&P 500 (.SPX), lost 10.27 points, or 0.18%, to end at 5,703.37 points, while the Nasdaq Composite (.IXIC), lost 65.66 points, or 0.36%, to 17,948.32. The Dow Jones Industrial Average (.DJI), rose 37.62 points, or 0.09%, to 42,062.81.
Source : Reuters
