Stocks stall during an otherwise strong week ho-hum day
NEW YORK — U.S. stocks hardly moved Friday as the market wrapped up a solid week. Smaller companies rose after signs of sustained economic growth and reports that more tariffs on Chinese goods could be on the way.
Stocks rose in early trading after the Federal Reserve said production of cars and energy jumped in August. The Commerce Department said sales by retailers grew only slightly in August after a big gain in July.
“It’s a reflection of stronger economic growth,” said Kate Warne, an investment strategist for Edward Jones. “It continues to bode well for strength going into the fall and later in the year.”
Ms. Warne said she expects the U.S. economy to grow about 3 percent this year, which is what most experts are forecasting. She said growth will be a bit weaker than in 2019, but that would still be better than most of the previous years since 2009.
Bond yields jumped Friday as investors interpreted the Federal Reserve report as a sign the economy will keep growing and interest rates will keep rising. That helped bank stocks, but it hurt high-dividend stocks.
Retailers and health care stocks also took small losses.
The S&P 500 index rose 0.80 points to 2,904.98. The index rose all five days this week after a fourday losing streak last week.
The Dow Jones Industrial Average added 8.68 points to 26,154.67. The Nasdaq composite slipped 3.67 points to 8,010.04.