Wall Street closed out a mostly listless week Friday with a wobbly day of trading that helped nudge the S&P 500 to its third straight weekly gain. The benchmark index edged up 0.2% after spending much of the day in the red. The small uptick was enough to lift the S&P 500 to an all-time high for the second day in a row. Technology companies and banks accounted for much of the upward move. The gains were offset by a broad slide in health care, energy and real estate stocks. Bond yields were mixed. Cryptos are now in 401(k)s:Are they the right investment for your nest egg? With the exception of select “meme” stocks like GameStop and AMC Entertainment hyped by individual investors in online forums, the broader market was relatively quiet this week. Investors remain in wait-and-see mode ahead of the Federal Reserve’s upcoming meeting of policymakers Wednesday. Wall Street is keen for clues about how much of a threat the central bank deems rising inflation as the economy emerges from its pandemic-induced recession, and whether the Fed has begun considering beginning to taper its support for the economy. “No one is suggesting that it will be at this meeting, but the market is poised for the Fed to at least even tangentially suggest that they’re discussing” tapering, said Quincy Krosby, chief market strategist at Prudential Financial. The S&P 500 rose 8.26 points to 4,247.44. The Dow Jones Industrial Average added 13.36 points, or less than 0.1%, to 34,479.60. The Nasdaq gained 49.09 points, or 0.4%, to 14,069.42. The tech-heavy index also notched a weekly gain.
Bond yields were mixed Friday, though the yield on the closely watched 10-year Treasury note was trading at 1.46%, down from 1.57% a week ago. Yields have been mostly headed lower this week despite reports showing more strength in the economy and possible signs of inflation.