by Saeed Azhar and Amruta Khandekar
NEW YORK (Reuters) – The New York Stock Exchange ended in mixed order on Friday, as gains in defensive and energy sectors offset weakness in growth stocks, as investors await a speech next week from the Chairman of the US Federal Reserve (Fed).
The Dow Jones Industrial Average gained 0.07%, or 25.83 points, to 34,500.66 points.
The broader S&P-500 gained 0.65 points, or 0.01%, to 4,369.71 points.
The Nasdaq Composite fell for its part by 26.16 points (-0.20%) to 13,290.776 points.
The Nasdaq posted the biggest weekly decline of Wall Street’s three major indexes as so-called growth and tech stocks fell as investors feared interest rates could stay high for an extended period. .
With no real catalyst, investors’ attention is on Fed Chairman Jerome Powell’s speech next week.
“We have been waiting for a market correction for a long time, and it is clear that rising rates have become the catalyst for this correction,” said Michael Reynolds, vice president of investments at Glenmede.
The yield of ten-year Treasuries fell back on Friday, after peaking at 4.328% on Thursday, the highest since last October.
The defensive consumer goods and utilities sectors advanced. Gains by companies like Walmart notably lifted the Dow Jones.
The energy compartment has also advanced. Exxon Mobil recorded one of the best performances in the sector.
Estee Lauder retreated after reporting full-year revenue and profit forecasts below market expectations.
(Report Amruta Khandekar and Shristi Achar A in Bangalore, Saeed Azhar in New York; Camille Raynaud)
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