Wall Street rallies Friday, but S&P 500 falls 1.43% for week

U.S. stocks finished higher Friday, with the Dow Jones Industrial Average gaining 517.80 points, or 0.98%, to 53,277.01, the S&P 500 rising 33.21 points, or 0.43%, to 7,674.37, and the Nasdaq Composite adding 113.29 points, or 0.44%, to 26,180.46. The gains did not prevent weekly losses of 0.85% for the Dow, 1.43% for the S&P 500 and 2.05% for the Nasdaq. Australia’s ASX 200 rose 30 points, or 0.3%, to 9,084 on Thursday, ending a six-session decline, while Treasury buyback plans and China’s unchanged lending rates supported regional sentiment. Higher long-term Treasury yields, oil prices linked to Middle East tensions and persistent inflation concerns pressured markets. Stronger-than-expected U.S. services and composite business-activity data encouraged dip-buying but complicated the Federal Reserve’s effort to balance inflation control with continued economic expansion. Investors focused on Treasury debt supply, corporate earnings, July’s Personal Consumption Expenditures price index and upcoming remarks at the Jackson Hole economic policy symposium.

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