Stocks ended an up-and-down day lower on Wall Street, giving the S&P 500 its fifth consecutive loss and its first weekly decline after two weeks of gains
Wall Street capped a choppy day of trading Friday with another pullback for stocks and the Standard & Poor 500’s first weekly loss in three weeks.
Stocks have traded in a narrow range for several weeks as most investors wait for a fuller understanding of where the economy is headed and how the pandemic is affecting corporations.“There isn’t any new good news coming, and that’s important because we’ve gotten a decent amount of good news that has flowed up until this point this year,” said Liz Young, head of investment strategy at personal finance company SoFi.
Federal Reserve policymakers have said they believe inflation this year will be temporary and is a result of the economy recovering from the pandemic. However, persistently high inflation could force the Fed to start pulling back on its bond-buying program and low interest rate policy sooner than anticipated.
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