Feb 10, 2023
Dow closes nearly 170 points higher, S&P 500 and Nasdaq post worst week since December
The S&P 500 eked out a narrow gain in Friday’s session but still had the worst week in nearly two months.
The broad index was up just 0.2% to end the session at 4,090.46. The Nasdaq Composite slipped 0.61% to close at 11,718.12. The Dow Jones Industrial Average advanced 169.39 points, or 0.5%, to end at 33,869.27.
Despite the Dow’s Friday gain, it still ended the week down 0.17%. The S&P 500 and Nasdaq Composite lost 1.11% and 2.41%, respectively, in what was their worst week since December.
Investors digested the most recent interest rate hike, economic data and recent commentary from Federal Reserve speakers, said Shana Sissel, founder of Banríon Capital Management. That caused intraday moves, she said, as investors changed positions while predicting how the central bank will act on interest rates going forward.
“There’s some mixed signals here, which I think is why volatility is up,” Sissel said. “There’s not really a consensus coming out with leading indicators that give you a lot of confidence of what’s coming next. And the markets hate that.”
Ride-hailing platform Lyft tanked more than 36% after a disappointing fiscal fourth-quarter report. Expedia also saw its shares fall by more than 8% after its earnings and revenue fell below analysts’ expectations.
Those are the latest reports in what has been considered an underwhelming quarter by Wall Street. With nearly 70% S&P 500 companies reporting, around 70% of those companies beat analyst expectations for the quarter. That’s a smaller share of companies surpassing expectations than the three-year historical average of 79%, according to The Earnings Scout.