Dow little changed Friday, but headed for worst week
Stocks were down again Friday as Wall Street wrapped up a rough week that saw the Dow Jones Industrial Average plunge 1,100 points in a single day and complete its longest losing streak since the 1970s.
The 30-stock Dow was near the flatline. The S&P 500 was down about 0.4%, while the Nasdaq Composite was down 0.9%.
Weighing on sentiment Friday was the failure late Thursday of a Trump-backed House Republican measure to fund the government for three months and avert a government shutdown.
Without a deal, a partial shutdown is scheduled to begin Friday night.
The Fed said it wants to tread a bit more cautiously with its rate-cutting campaign with inflation remaining stubborn. But investors got a bit of good news on the inflation front Friday that helped ease some of the selling.
November’s reading of the personal consumption expenditures price index – the Federal Reserve’s preferred inflation metric - increased 2.4% year-over-year. That was a tad less than economists expected.
The Dow is down 3.4% on the week, headed for its worst weekly performance since March 2023. The S&P 500 and Nasdaq are each off around 3% on the week.
Source: CNBC
