2023-07-21 22:50:50
Por Noel Randewich e Bansari Mayur Kamdar
(Reuters) – U.S. stocks ended with mixed results on Friday, with the Dow Jones Industrial Average in its 10th consecutive session of gains after a modest rally, its longest rally in nearly six years.
The blue-chip index was boosted by gains of more than 1% each from Procter & Gamble and Chevron. The index is now up more than 6% for 2023, while the S&P 500 index is up 18%.
Nvidia and Meta each lost more than 2% in shaky trading, while the S&P 500’s utilities sector jumped 1.5%, followed by a 1% gain in the healthcare sector index.
The Dow Jones rose 0.01% to 35,227.69 points. The S&P 500 rose 0.03% to 4,536.34 points. The Nasdaq technology index fell 0.22% to 14,032.81 points.
For the week, the S&P 500 was up 0.7%, the Nasdaq was down 0.6% and the Dow Jones was up 2.1%.
The Nasdaq is up about 34% this year, buoyed by optimism about artificial intelligence, a relatively resilient US economy and expectations that the Federal Reserve’s aggressive rate hike cycle will soon end.
While the Fed is expected to raise interest rates by 25 percentage points at its July 25-26 meeting, investors have mixed views on the US central bank’s long-term monetary policy.
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