U.S. stocks fell on Friday pushing major stocks into the red for the week, as inflation fears overshadowed strong retail sales numbers and better-than-expected earnings reports.
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 rounding out the day near their lows
The market held back all week mostly by inflation fears although the S&P 500 and Dow did touch new all-time highs for a short time. On Tuesday, the consumer price index showed a 5.4% increase in June from a year ago, the fastest pace in nearly 13 years.
Despite the week’s losses, the Dow is still up 13% for the year and sits just 1.15% from an all-time high. The S&P 500 is up 15% on the year and is 1.51% below its record level.
Much of the market’s upward stocks over the last week has come from a handful of mega-cap internet and communications stocks. Apple and Google-parent Alphabet ended the week in the green.