Dow Snaps Eight-Week Winning Streak
By Marina Force and Corrie Driebusch
The Dow Jones Industrial Average slipped Friday, notching its first weekly decline since September.
Investors' concerns about the status of a U.S. tax overhaul weighed on stocks during the week, though Friday's moves were relatively muted.
The Dow industrials lost 39.73 points, or 0.2%, to 23422.21 on Friday. The S&P 500 fell 2.32 points, or 0.1%, to 2582.30 and the Nasdaq Composite rose 0.89 point, or less than 0.1%, to 6750.94.
All three indexes posted weekly declines, though the losses were relatively modest: the Dow's 0.5% drop was the biggest.
"Is this the beginning of the end? The last two days' selloff, I'm not concerned," said Kent Engelke, chief economic strategist at Capitol Securities Management. However, he said there could be more swings in the market if tax-code changes, particularly for corporations, fail to pass in the next several months.
"If we don't get it, I would be concerned about the market," he said, referring to a tax overhaul.
Solid corporate earnings have helped U.S. stocks rise this year, analysts say, even as the timing and scale of policy changes in Washington have remained uncertain.
With roughly 91% of S&P 500 companies having reported results, firms are on track to post another quarter of earnings growth, according to FactSet.
On Friday, shares of energy companies fell with oil prices, pressuring major stock indexes. The S&P 500 energy sector lost 0.8% on the day but notched a weekly gain as U.S. crude oil ended the week at $56.74 a barrel -- its fifth highest level of the year.
Consumer-staples shares jumped 1% in the S&P 500, finishing the day as the best-performing sector in the broad index.
Monster Beverage led gains in the group, rising $2.48, or 4.2%, to $61.16 after Citigroup raised its price target for the stock to $66 a share from $60.
Other food and beverage companies jumped, with Campbell Soup up 1.78, or 3.9%, to 47.42 and General Mills up 1.50, or 2.9%, to 53.28.
Write to Corrie Driebusch at [email protected]