The Dow Jones Industrial Average rose for a second straight session on Friday, while the S&P 500 ended the day near the flatline and the Nasdaq dipped lower as tech names came under pressure again amid another Bitcoin sell-off.
For the day, Financials (NYSE: XLF) and Utilities (NYSE: XLU) lead sector performance gains, while Information Technology (NYSE: XLK) and Consumer Discretionary (NYSE: XLY) led losses.
For the week, the S&P 500 fell 0.4% for its first back-to-back weekly losses since February, while the Dow decreased 0.5%. The Nasdaq, however, broke a four-week losing streak this week, rising 0.3% higher for the week.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): -0.07% or -3.07 points to 4,156.05
Dow Jones Industrial Average (NYSE: DIA): +0.37% or +124.88 points to 34,209.03
Nasdaq Composite Index (NASDAQ: QQQ): -0.48% or -64.75 points to 13,470.99
U.S. Daily COVID Infections Average Falls Below 30,000:
The United States is reporting an average of fewer than 30,000 new coronavirus infections per day for the first time in nearly a year, according to data compiled by Johns Hopkins University. The seven-day rolling average of new infections for Thursday totaled by 29,100, marking the average's first drop below 30,000 since June 2020.
Here's how the market stood in afternoon trade:
S&P 500 Index (NYSE: SPY): +0.00% or +0.13 points to 4,149.60
Dow Jones Industrial Average (NYSE: DIA): +0.34% or +116.64 points to 34,200.79
Nasdaq Composite Index (NASDAQ: QQQ): -0.32% or -43.88 points to 13,491.86
Chinese regulators call for a crackdown on bitcoin mining and transactions:
Bitcoin came under sell-off pressure for another day on Friday after Chinese Vice Premier Liu He and the State Council called for tougher regulations on cryptocurrency mining and trading to protect the financial system.
In a statement, Chinese regulators said the crackdown on Bitcoin operations "is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crackdown on illegal securities activities, and severely punish illegal financial activities."
Existing home sales decline for the third straight month in April:
Sales of existing homes dropped 2.7% in April from March to a seasonally adjusted annualized rate of 5.85 million units, according to the National Association of Realtors, the third straight month of declines. However, sales were 33.9% higher than April 2020.
"Home sales were down again in April from the prior month, as housing supply continued to fall short of demand," said Lawrence Yun, NAR's chief economist. "We'll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory."
"Despite the decline, housing demand is still strong compared to one year ago, evidenced by home sales from this January to April, which are up 20% compared to 2020," Yun continued. "The additional supply projected for the market should cool down the torrid pace of price appreciation later this year."
Here's how the market started trading after opening bell:
S&P 500 Index: +0.44% or +18.46 points to 4,177.58
Dow Jones Industrial Average: +0.50% or +169.78 points to 34,253.93
Nasdaq Composite Index: +0.47% or +63.71 points to 13,599.44