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The
blue-chip index was lifted by gains of more than 1% each in
Procter & Gamble and Chevron . It is now up over 6% in 2023,
compared to the S&P 500's 18% rise.
"The Dow playing catch-up shows there is a rotation into other
sectors, like healthcare and financials. The rally is not just
tech-heavy anymore," said Jake Dollarhide, chief executive
officer of Longbow Asset Management in Tulsa, Oklahoma.
Nvidia and Meta Platforms lost more than 2% each in a choppy
trading session, while the S&P 500 utilities sector jumped 1.5%,
followed by a 1% rise in the healthcare sector index.
Netflix dipped 2.3%, down for a second straight day after the
video streaming company's quarterly results this week failed to
impress.
Analysts attributed Friday's volatile trading to the expiration
of monthly options and the expected special rebalancing of the
multi-trillion dollar Nasdaq 100 following the close of trading.
The S&P 500 climbed 0.03% to end at 4,536.34 points.
The Nasdaq declined 0.22% to 14,032.81 points, while Dow Jones
Industrial Average rose 0.01% to 35,227.69 points.
For the week, the S&P 500 added 0.7%, the Nasdaq fell 0.6% and
the Dow rose 2.1%.
The Nasdaq has rallied about 34% this year, lifted by optimism
over artificial intelligence, a relatively resilient U.S.
economy and expectations that the Federal Reserve's aggressive
rate hike cycle will end soon.
While the Fed is widely expected to raise interest rates by 25
basis points at its July 25-26 meeting, investors have mixed
views on the central bank's longer-term monetary policy.
American Express fell 3.9% after the credit card giant missed
quarterly revenue estimates and affirmed its full-year profit
forecast.
SLB declined 2.2% after the top oilfield services firm missed
quarterly revenue expectations due to moderating drilling
activity in North America.
Advancing issues outnumbered falling ones within the S&P 500 by
a 1.5-to-one ratio.
Volume on U.S. exchanges was relatively light, with 10.4 billion
shares traded, compared to an average of 10.6 billion shares
over the previous 20 sessions.
(Reporting by Noel Randewich in Oakland, Califoria; Additional
reporting by Bansari Mayur Kamdar and Johann M Cherian in
Bengaluru; Editing by Shinjini Ganguli and Richard Chang)
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