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May 20, 2022, 4:05 p.m. EDT

Dow, S&P 500 eke out gains Friday, but stocks book sharp weekly losses

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By Joy Wiltermuth

Major U.S. stock indexes finished mostly higher Friday, eking out gains with a dramatic rally into the closing bell. The bounce allowed the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.36% to narrowly avoid a bear-market finish, while ending the session virtually flat around 3,901. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.23% rose less than 0.1% and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.35% shed 0.3%. Stocks have been under sharp pressure this week as a string of big-box retailers from Walmart Inc. /zigman2/quotes/207374728/composite WMT +0.71% to Ross Stores, Inc. /zigman2/quotes/202639496/composite ROST +0.23% reported disappointing quarterly results, raising fears about a potential pullback in spending from consumers as the Federal Reserve looks to cool high inflation by raising rates and reducing its near $9 trillion balance sheet, but without sparking a recession. Market jitters also led investors to look for safety in government debt, with the 10-year Treasury yield falling to 2.785% Friday, retreating for a second week in a row. Bond yields and prices move in the opposite direction. Earlier in the session, the S&P 500 traded into bear-market territory, but required a close below 3,837.25 to make the status official, marking a fall of 20% or more from its Jan. 3 record close. For the week, the Dow recorded a 2.9% decline, its eighth straight weekly decline, and its longest stretch since April 1932, according to Dow Jones Market Data. The S&P 500 shed 3% for the week, while the Nasdaq lost 3.8%.

/zigman2/quotes/210599714/realtime
US : S&P US
3,845.08
+13.69 +0.36%
Volume: 2.19B
July 6, 2022 4:18p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,037.68
+69.86 +0.23%
Volume: 289.74M
July 6, 2022 4:18p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,361.85
+39.61 +0.35%
Volume: 4.17M
July 6, 2022 4:18p
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/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 125.13
+0.88 +0.71%
Volume: 7.00M
July 6, 2022 4:00p
P/E Ratio
26.89
Dividend Yield
1.79%
Market Cap
$340.59 billion
Rev. per Employee
$250,440
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/zigman2/quotes/202639496/composite
US : U.S.: Nasdaq
$ 73.99
+0.17 +0.23%
Volume: 2.43M
July 6, 2022 4:00p
P/E Ratio
16.45
Dividend Yield
1.68%
Market Cap
$25.83 billion
Rev. per Employee
$187,333
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