Stocks Head for First Downward Week in Six - InvestingChannel

Stocks Head for First Downward Week in Six



Stocks moved slightly higher Friday, but are on pace to snap a five-week winning streak after a hotter-than-expected inflation reading came out Wednesday.

The Dow Jones Industrials captured 31.9 points to open Friday at 35,953.13,

The S&P 500 crept up 5.45 points to 4,654.29.

The NASDAQ Composite jumped 39.13 points to 15,704.28.

The Dow and the S&P 500 are both down nearly 1%, while the NASDAQ is about 1.4% lower.

Dow component Johnson & Johnson saw its shares rise more than 1% following a Wall Street Journal report that the company is splitting in two. Johnson & Johnson is reportedly breaking off its consumer health division into a separate publicly-traded company.

Fresh data out Friday morning underscored persistent inflation fears.

Consumer sentiment in early November dropped to its lowest level in a decade, the University of Michigan reported Friday. Many survey respondents cited inflation concerns, according to the report.

Prices for 10-year Treasurys gained ground Friday, lowering yields to 1.55%, from 1.56% on Wednesday. The bond market was closed Thursday for Veterans Day. Treasury prices and yields move in opposite directions.

Oil prices fell 81 cents to $80.78 U.S. a barrel.

Gold prices picked up two dollars to $1,865.30 U.S. an ounce.