Dow posts record closing high, stocks gain for 3rd week; dollar dips
The Dow Jones industrial average registered a record closing high on Friday and major equity indexes posted a third straight week of gains while the U.S. dollar slipped.
Stocks came under pressure after Federal Reserve Chair Jerome Powell said the U.S. central bank was "on track" to begin reducing its purchases of assets.
Next week brings reports from several key mega-cap names including Amazon
The dollar pared losses after Powell's comments, but the dollar index was last down 0.10% at 93.64, and is off from a one-year high of 94.56 last week.
Investors also digested news that China Evergrande Group (3333.HK) appeared to avert default with a source saying it made a last-minute bond coupon payment.
The Dow Jones Industrial Average (.DJI) rose 73.94 points, or 0.21%, to 35,677.02, the S&P 500 (.SPX) lost 4.88 points, or 0.11%, to 4,544.9 and the Nasdaq Composite (.IXIC) dropped 125.50 points, or 0.82%, to 15,090.20.
The pan-European STOXX 600 index (.STOXX) rose 0.46% and MSCI's gauge of stocks across the globe shed 0.03%.
The MSCI index posted gains for a third straight week along with the three major U.S. stock indexes.
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