The Dow Jones Industrials settled into the red 108.94 points to end the week at 34,299.12. The 30-stock index was up 1.3% for the week, its third positive week in a row.
Markets in the U.S. will be shuttered Monday for Juneteenth.
The S&P 500 dropped 16.25 points to 4,409.59.
The S&P 500 was up 2.6% on the week, its best performance since March. It’s the S&P 500’s fifth positive week in a row, the first such streak since November 2021. The benchmark is now up more than 26% from its bear market low.
The NASDAQ index lost 93.25 points to 13,689.57. The NASDAQ is up 3.3% on the week, its best week since March. The index has progressed eight weeks in a row, its best winning streak since 2019.
The S&P 500 and NASDAQ are at their highest levels since April 2022.
Adobe added nearly 1% after beating results and issuing upbeat guidance, the latest tech stock to rally. AI darling Nvidia is up more than 10% this week, adding to its 192% surge this year. Microsoft added 4.7% this week and hit a record Thursday. Tech shares were the hardest hit initially when the Fed embarked on its rate-hiking campaign.
The Federal Reserve delivered what investors wanted this week when the central bank left rates unchanged Wednesday after 10 consecutive hikes. While the Fed signaled that two more rate increases were coming this year, many traders and economists on Wall Street believe the Fed could be nearly done. Earlier in the week, the May consumer price index came in at the lowest in two years.
Consumer inflation expectations fell in June, with one-year assumptions for price pressures declining to 3.3% from 4.2% in May. The headline reading from the University of Michigan Survey of Consumers came in at 63.9, higher than estimates of 60.2 from Dow Jones.
Prices for the 10-year Treasury withered, raising yields to 3.77% from Thursday’s 3.72%. Treasury prices and yields move in opposite directions.
Oil prices moved higher $1.08 to $71.70 U.S. a barrel.
Gold prices retreated $2.20 to $1,968.50 U.S. an ounce.