The S&P 500 rose marginally to end a languid week Friday at another record high. Economically sensitive consumer and financial stocks led the rally.
The Dow ended flat while the S&P added two-tenths of a percent, and the Nasdaq rose a third of a percent. In a week marked by mostly sideways action with few market-moving catalysts, the blue chip index fell but the broader indexes gained ground.
FiPlan Partners President Greg Powell:
“I think today is just an indication that people are trying to find some sense of direction. At the same time, we're just kind of taking a breath here.”
Even the frenzied trading in social media-driven meme stocks subsided a tad on Friday. AMC Entertainment outperformed the pack with a 15% increase.
Healthcare stocks were the day’s biggest decliners. Biogen shares dropped over 4%. The Food and Drug Administration is facing mounting criticism because it had quickly approved the biotech company’s Alzheimer’s drug Aduhelm without strong evidence of its ability to fight the disease.
Next week, inflation-obsessed Wall Street will be eyeing producer price data on Tuesday and the Federal Reserve policymakers meeting that ends on Wednesday.