S&P 500 closes lower to end rocky week
SPY•The S&P 500 fell 0.52% and the Dow dropped 1.25% on Friday, while the Nasdaq lost 0.21%. Investors looked ahead to a week of major corporate earnings and a Federal Reserve policy decision.
1. Indexes finish lower
The Dow Jones Industrial Average fell 658.82 points, or 1.25%, to 52,209.16. The S&P 500 lost 39.57 points, or 0.52%, to 7,623.86, and the Nasdaq Composite declined 55.17 points, or 0.21%, to 25,955.34, according to preliminary data.
2. Investors eye earnings and Fed
Investors looked ahead to quarterly results from about one-third of S&P 500 companies next week, including Alphabet, Microsoft and Amazon, whose capital spending forecasts will be closely watched. The Federal Reserve is expected to keep rates steady on Wednesday, with investors seeking clues about a possible December rate hike.
3. Sector moves and economic data
Most S&P 500 sectors declined on Friday. Telecommunications stocks fell after reports that SpaceX was seeking thousands of cell sites for a fourth wireless carrier, while energy shares rose to a record high as Brent crude climbed to its highest level since late April. University of Michigan data showed consumer sentiment edged down near a record low in October.
