Dow Little Changed Heading for Losing Week - InvestingChannel

Dow Little Changed Heading for Losing Week

The Dow Jones Industrial Average hovered near the flatline Friday afternoon, and headed for a weekly loss as investors evaluated a week’s worth of earnings results and concerns of disappointing profits.

The 30-stock index managed to scratch out gains of 22.34 points to end the week at 33,808.96.

The S&P 500 moved higher 3.73 points to 4,133.52.

The NASDAQ forged higher 12.9 points to 12,072.46.

All major indices are on pace to finish the week in the red, with the Dow and the S&P 500 on track for their worst weekly performances since March. The tech-heavy NASDAQ has seen the biggest declines, down 0.3%. The Dow’s lost 0.2%, while the S&P is on track to finish 0.03% lower.

Elsewhere, materials stocks were the worst performers, with Freeport-McMoRan falling 4.2% after posting a year-over-year decline in results. Albemarle tumbled 10% as Chile said it would nationalize its lithium industry.

While companies broadly beat expectations this week, overall profit reports failed to boost stocks, with some investors fearing an earnings drop looms with a likely recession ahead.

Prices for the 10-year Treasury hesitated, raising yields to 3.57% from Thursday’s 3.54%. Treasury prices and yields move in opposite directions.

Oil prices regained 41 cents to $77.78 U.S. a barrel.

Gold prices slid $25.80 to $1,993.30 U.S. an ounce.

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