S&P Dips, But Heads for Winning Week

The S&P 500 closed slightly lower Friday, but clinched weekly gains as the latest economic data added to a positive picture of the economy.

The Dow Jones Industrials enjoyed gains of 60.3 points to 38,109.43.

The S&P 500 index slid 3.19 points to 4,890.97.

The NASDAQ faded 55.13 points to 15,455.36, urt by a post-earnings slide in Intel.

Despite Friday’s muted moves, the major averages recorded a winning week. The S&P 500 advanced 1%, while the technology-heavy NASDAQ Composite climbed 0.9%. The blue-chip Dow has gained 0.7%.

Intel tumbled nearly 12% on Friday after offering a disappointing fiscal first-quarter outlook. Semiconductor stock KLA slid more nearly 6% in the session after the company posted light guidance for its fiscal third quarter.

On the other hand, American Express rallied more than 7% after sharing a better-than-expected forecast for full-year earnings. That helped the 30-stock Dow mitigate losses from Intel’s drop.

Elsewhere, Tesla, a retail investor darling, registered worst week since October. Shares took a leg down after the electric vehicle maker
posted disappointing earnings and warned of trouble in 2024.

Stocks got a boost this week from encouraging economic data. More positive numbers came Friday.

December’s core personal consumption expenditures price index came in line with economists’ forecasts month over month, but was slightly lower than anticipated on an annualized basis, data released Friday shows. It’s a preferred gauge of inflation for the Federal Reserve, which sets monetary policy.

Friday’s PCE print came a day after gross domestic product data revealed higher-than-expected economic growth in the fourth quarter. That bolstered investors’ hopes that the economy has avoided a deep recession.

Prices for the 10-year Treasury reversed, raising yields to 4.14% from Thursday’s 4.13%. Treasury prices and yields move in opposite directions.

Oil prices hesitated 83 cents to $78.19 U.S. a barrel.

Gold prices improved 60 cents to $2,018.40.

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