Dow Jones lags of the week on industrials and weakness in Dow Jones Industrials.
Indexes up 0.17%, S&P flat, Nasdaq 0.05% up.
The U.S. stock indexes were flat on Friday as attention was turned to the Federal Reserve meeting next week, while technology and growth industries gained after inflation data calmed fears over a long-term spike in consumer prices.
The S&P 500 traded just below a record high of 4,249.74, with heavyweight technology stocks providing the largest boost. Sectors such as financials and economic resources, that will benefit from an economic boom this year, also supported the index.
We would continue to recommend a diversified equity allocation with a Barbell approach that provides growth exposure on the one end and income sensitive cyclical exposure on the other end, wrote Art Hogan, chief market strategist at National Securities in New York.
Investors raised expectations for early policy tightening by the Fed after May's consumer price data suggested a transitory spike in inflation would be late.
Much of the price surge in May came from items like commodities and airfares and is expected to be temporarily.
Also, a survey also showed that US consumer sentiment improved in early June, while markets have trimmed their expectations for inflation levels this year.
With recent data also indicated weakness in the labor market, Fed expected to maintain accommodative policy at its next meeting this week, which is positive for stocks and other risk-driven assets.
Macro news continues to unfold positively and we're seeing the market move higher, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Investors' enthusiasm continues and yesterday's close into new record territory suggests that a summer rally is underway but I don't expect any galloping increase, Cardillo said.
At 12: 02 p.m. The Dow Jones Industrial Average was down at 34,406. 13 and the S&P 500 was down 1.78 points or 0.04% at 4,237. 40 The Nasdaq composite was up 8.14 points, or 0.5%, at 14,027. 47
Healthcare stocks fell 1.1% and were among the worst-performing sectors in the S&P segment amid growing criticism of the Biogen Inc. recent approval of an Alzheimer's drug developed by U.S. Food and Drug Administration.
The S&P 500 and the Nasdaq were in a mild weekly range as a lack of major catalysts and a summer lull in trading saw them move in a narrow range.
But weakness in major industrial stocks saw the Dow Jones expected to drop weekly amid doubts as to whether President Joe Biden's $2.3 trillion infrastructure spending plan would pass.
The industrial sectors of S&P was flat on Friday and was set to lose for the week.
Cruise operators were shedding 0.4% of passengers, with Celebrity Millennium testing Positive for COVID after two guests on its Royal Caribbean GroupCaribbean Group's cruise ship had tested negative for COVID 19.
Stocks favored by small retail investors, who have driven trading volumes in the past weeks, were due to close higher for the week, even as the rally appeared to be running out of steam on Thursday. Most stock markets also rose on Friday.
Nasdaq decliners outnumbered increasing issues by a 1.36 - to 1-1% ratio on the NYSE and by a 1.30 - to 1-1/2 ratio on the Index.
The Nasdaq index recorded 26 new 52 week highs and one new low, while the S&P index recorded 83 new highs and 10 new lows. Are you familiar with working with POW and small business?