Stock Market declined on Friday as Wall Street came to an end after a busy week that brought investors good inflation statistics and a pause by the Federal Reserve on rate rises.
The S&P 500 slipped 0.37% to finish at 4,409.59, and the Dow Jones Industrial Average closed at 34,299.12 down 108.94 points, or 0.32%. the Nasdaq Composite index lost 0.68% to close at 13,689.57 for the day.
Recap of Major Stock Market Milestones
The following is the week’s significant market milestones:
- The S&P 500 has improved 2.6% during the past week, marking its strongest week since March.
- Since November 2021, the S&P 500 has not had a five-week winning run.
- The benchmark is now up more than 26% from its bear market low.
- The Nasdaq Composite has experienced its best week since March, rising around 3.3% for the week.
- Eight weeks of gains for the Nasdaq are its longest winning streak since 2019.
- Through Thursday, the Nasdaq and S&P 500 both had six straight days of gains.
- The Dow Jones Industrial Average posted its third consecutive week of gains, rising by over 1.3% for the week.
- Since April 2022, the S&P 500 and Nasdaq have reached their best points.
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Federal Reserve Leaves Rates Unchanged
Investor expectations were met this week as the Federal Reserve held interest rates steady on Wednesday after ten straight increases.
The Federal Reserve may raise interest rates twice more this year, but many Wall Street traders and economists believe the Fed has taken its final step.
Earlier in the week, the consumer price index for May registered its lowest reading in two years.
Adobe, the newest tech stock to increase, increased by 0.9% after releasing solid results and upbeat predictions.
AI favorite Nvidia gained 10% this week, adding to its 192% growth this year. Microsoft climbed by 4.7% this week, hitting a record on Thursday.
Technology shares experienced the strongest first impact when the Fed began its rate-hiking campaign.
