Damian J. Troise and Alex Veiga
Wall Street ended a milestone-setting week on a down note Friday, as stocks closed lower and the S&P 500 index posted its first weekly loss in four weeks.
The benchmark index fell 0.8%, with a good part of its pullback attributable to declines in big technology stocks, banks and companies that rely on consumer spending. Energy and industrial stocks also helped drag the market down, outweighing gains in health care and utilities companies.
Small-company stocks continued to badly lag the rest of the market. Treasury yields remained relatively low, a sign of caution among investors. The yield on the 10-year Treasury note held steady at 1.29%, well below the 1.75% it fetched in late March.
“Some of what’s been reflected in the bond market is starting to filter into the (stock) market just a little bit,” said Stephanie Roth, senior markets economist at J.P. Morgan Private Bank.
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The S&P 500 fell 32.87 points to 4,327.16. It ended the week with a 1% loss. The Dow Jones Industrial Average dropped 299.17 points, or 0.9%, to 34,687.85. The tech-heavy Nasdaq composite slid 115.90 points, or 0.8%, to 14,427.24.
The Russell 2000 index of smaller companies fared worse than the broader market, shedding 27.06 points, or 1.2%, to 2,163.24. The index, which had outpaced the rest of the market for much of 2021, is now up just 9.5% for the year, well below the S&P 500′s…
