Azzad MarketWeek
Stocks were mixed last week as investors navigated Q4 corporate results, a widely expected Fed decision, and a handful of economic reports.
The Standard & Poor’s 500 Index rose 0.34 percent, while the Nasdaq Composite Index edged down 0.17 percent. The Dow Jones Industrial Average declined 0.42 percent.
S&P 500 Touches 7,000
The S&P 500 and Nasdaq advanced early in the week as investors looked ahead to the Fed meeting and corporate results from several large companies.
On Wednesday, the Federal Reserve decided to keep interest rates steady, as widely expected. Market reaction was muted, with all three major averages little changed by the close. Disappointing earnings results from one megacap tech firm, announced after the market closed on Wednesday, unsettled investors and dragged the Nasdaq down on Thursday.
Stocks opened lower Friday, after the White House nominated Fed veteran Kevin Warsh as the next Fed chair. A warmer-than-expected December wholesale inflation report and concerns about a government shutdown added to bearish investor sentiment as the week wrapped up.
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