Wall Street closed out its second straight losing week Friday, giving back some of the gains that helped push the stock market to an all-time high earlier in the week, the AP reports.
- The S&P 500 fell 33.39 points, or 0.6%, to 5,117.09, for a drop of 6.60 points for the week.
- The Dow fell 190.89 points, or 0.5%, to 38,714.77, for a drop of 7.92 points for the week.
- The Nasdaq composite fell 155.36 points, or 1%, to 15,973.17, for a drop of 111.94 points for the week.
Technology stocks were the biggest weights on the market. Software maker Adobe slumped 13.7% after giving investors a weak revenue forecast. Microsoft fell 2.1%, and Broadcom lost 2.1%. Communication services stocks also helped pull the market lower. Meta Platforms fell 1.6%, and Google parent Alphabet fell 1.3%. Investors closed out a week of economic reports that showed inflation, though broadly cooling, remains hotter than expected. The reports have raised concerns about the Federal Reserve's next move on interest rates, but Wall Street still sees potential for a cut in June.
A closely watched report from the University of Michigan showed that consumer sentiment unexpectedly fell in March. Consumers became slightly less optimistic about the economy but continue to expect inflation to come down further, a potential sign that consumer prices will come under control. A report on consumer prices this week showed inflation ticking up to 3.2% in February from 3.1% in January. Another report on prices at the wholesale level also showed inflation remains hotter than Wall Street expected. Other new reports showed some softening in the economy, which bolstered hopes for a continued long-term easing of inflation. (More stock market stories.)
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