Wall Street stocks closed lower Friday, as concerns about interest rates overshadowed the positive start of earnings season for major U.S. corporations.
S&P500 lost 0.2%, but managed to squeeze out a fourth week-to-week gain in the past five. Dow and Nasdaq both fell slightly more.
A top Fed official warned that more rate increases may be necessary to control inflation. This shattered Wall Street's hope that the rate increases were nearing an end, and added to fears of a possible recession in this year. Treasury yields increased. JPMorgan Chase's and other large banks' gains helped limit Wall Street losses after blowout profits reports.
The S&P500 fell 8.58 points or 0.2% to 4,137.64.
The Dow Jones Industrial Average dropped 143.22 or 0.4% to 33,886.47.
The Nasdaq Composite fell 42.81 or 0.4%, to 12,123.47.
The Russell 2000 index for smaller companies dropped 15.53 points or 0.9% to 1,781.15.
This week's theme:
The S&P500 is up 32.62 point, or 0.8%.
The Dow has gained 401.18 or 1.2%.
The Nasdaq has gained 35.51 points or 0.3%.
Russell 2000 up 26.69 or 1.5%
The S&P500 is up by 298.14 points or 7.8%.
The Dow has gained 739.22 or 2.2%.
The Nasdaq has gained 1,656.98 or 15.8%.
Russell 2000 up by 19.91 points or 1.1%