Stocks slip but are up for the week

U.S. stocks closed modestly lower Friday, ending just short of another milestone for Wall Street. The Nasdaq composite index narrowly missed its fourth record-high close this week, though all the major indexes still notched weekly gains.

Phone companies, banks and materials stocks were among the big decliners. Technology stocks gained the most. Healthcare and energy also bucked the broader market slide. Crude oil prices rose.

Investors continued to focus on company earnings reports for insight into the health of corporate America. So far, earnings have been mostly beating Wall Street’s expectations. But an unimpressive report on economic growth may have given some traders pause Friday.

“The market is worried that the second quarter perhaps will see continued weakness,” said Quincy Krosby, market strategist at Prudential Financial.

Bond prices edged up. The 10-year Treasury yield slipped to 2.28% from 2.30%.

The market started the week on a strong note, in part reflecting relief about the first round of France’s presidential election. Washington also helped move the market. On Wednesday, White House officials unveiled the outlines of a tax plan, stoking expectations of lower taxes and of less regulation for businesses.

On Friday, investors bid up companies whose results beat expectations.

Shares of Alphabet, Google’s parent company, climbed 3.7% to $924.52 after the Internet giant reported better-than-expected results thanks in part to a big jump in advertising revenue.

Amazon.com rose 0.7% to $924.99 after the online retailer posted solid firstquarter results.

Royal Caribbean Cruises jumped 6.1% to $106.60 after the cruise line operator posted solid earnings and bookings. Rival Carnival rose 1.3% to $61.77.

Several firms slumped after reporting disappointing results.

Synchrony Financial tumbled 15.9% to $27.80. The consumer credit company’s stock was the biggest decliner in the Standard & Poor’s 500 index.

Medical software and services firm Athenahealth sank 19.3% to $98.01 as sales and margins weakened.

Starbucks fell 2% to $60.06 after the coffee chain reported weaker sales growth than expected. Its fiscal second-quarter earnings matched Wall Street’s expectations.

Time dived 16.9% to $15.20 after the magazine publisher said it won’t sell itself.

The euro rose to $1.0895 from $1.0882. The dollar rose to 111.44 yen from 111.23 yen.

Benchmark U.S. crude rose 36 cents, or 0.7%, to $49.33 a barrel. Brent crude climbed 29 cents to $51.73 a barrel. Heating oil fell less than a penny to $1.50 a gallon, wholesale gasoline stayed at $1.55 a gallon and natural gas rose 4 cents to $3.28 per 1,000 cubic feet.

Gold climbed $2.40 to $1,268.30 an ounce. Silver fell 7 cents to $17.19 an ounce. Copper rose 2 cents to $2.60 a pound.