Wall Street closed a volatile week with stocks mixed as investors balanced inflation concerns against a strengthening economic recovery. On Thursday, the primary indices snapped a three-day losing streak after a report showed the lowest number of new weekly jobless claims since the recession in 2020. For the week, the Dow fell 0.43 percent to close at 34,207.84. The S&P lost 0.39 percent to finish at 4,155.86, and the NASDAQ climbed 0.33 percent to end the week at 13,470.99.
Stocks rebounded Friday following a steep selloff earlier in the week when investors reacted to data showing consumer prices leapt to a 13-year high in April. Despite the rebound, stocks still recorded losses for the week. For the week, the Dow fell 1.08 percent to close at 34,382.13. The S&P lost 1.35 percent to finish at 4,173.85, and the NASDAQ dropped 2.32 percent to end the week at 13,429.98.
Stocks rose to record levels Friday despite negative economic news. The Labor Department reported just 266,000 non-farm jobs were added last month, far from the 1 million forecasters expected, and the unemployment rate rose 6 percent. Bad news seemed to be good news to investors expecting the Fed to keep interest rates low. For the week, the Dow rose 2.72 percent to close at 34,777.76. The S&P gained 1.26 percent to finish at 4,232.60, and the NASDAQ dropped 1.48 percent to end at 13,752.24.
Stocks dropped on the final trading day of the month as investors set aside concerns over rising inflation and possible future tax hikes. After closing above 4,200 on Thursday, the S&P notched its third straight month of gains. The NASDAQ finished its sixth consecutive month of gains. For the week, the Dow fell 0.50 percent to close at 33,874.85. The S&P rose 0.04 percent to finish at 4,181.17, and the NASDAQ dropped 0.38 percent to end at 13,962.68.