U.S. stocks fell on Friday, pushing the Dow Jones Industrials Average into the red for the week, as inflation fears overshadowed strong retail sales numbers and better-than-expected earnings reports.
The Dow lost 299.17 points, or 0.86%, to close at 34,687.85.
The S&P 500 dipped 0.75% to 4,327.16.
The Nasdaq Composite shed 0.8% to 14,427.24.
The three averages closed the week lower to each snap 3-week win streaks. The Dow ended the week down 0.52%, while the S&P 500 dipped 0.97% and the Nasdaq Composite fell 1.87% during the same period.
A U.S. consumer sentiment index from the University of Michigan came in at 80.8 for the first half of July, down from 85.5 last month and worse than estimates from economists, who projected an increase. The report released Friday showed inflation expectations rising, with consumers believing prices will increase 4.8% in the next year, the highest level since August 2008.
The Dow gave up its gains early Friday shortly after the University of Michigan report came out 30 minutes into the session. Losses increased as the day went on with major averages closing at the lows of the session.
Reference: CNBC
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