U.S. stocks were mixed at the close on Friday as investors took a breather after a weeks-long rally fueled by data that bolstered expectations the Federal Reserve will cut interest rates this year.
The S&P 500 rose after paring losses and the Nasdaq fell, but both posted gains for the fourth straight week. The Dow Jones Industrial Average rose for its fifth straight weekly gain.
According to market data, the S&P 500 closed up 0.12 percent at 5,303.27 points, the Nasdaq Composite fell 0.07 percent to 16,685.97 points, and the Dow Jones Industrial Average rose 0.34 percent to 40,003.88 points, the first time it has crossed the 40,000-point mark.
On a weekly basis, the S&P 500 rose 1.54 percent, the Nasdaq Composite rose 2.11 percent, and the Dow Jones Industrial Average rose 1.24 percent.
Wall Street got a boost last week from the US inflation report for April, which showed underlying price pressures in the US slowed for the first time in six months, boosting hopes that the Federal Reserve will be able to cut interest rates later this year. Interest rate futures are pointing to growing confidence in two rate cuts by the end of 2024.
