US stock indices nestled a hair lower on Friday after the falling price of oil weighed on energy companies, but the S&P 500 nevertheless closed out its third straight winning week following a brutal stretch last month.
It was a day full of broken streaks — oil fell for the first time in two weeks and the yield on the 10-year Treasury note sank to its first loss in more than a week — but the market remained calm through it.
Gradual moves for markets in the past few days have offered a respite following the tumultuous trading that rocked investors late last year.
“After some of the initial gains we saw earlier in the week I think it’s just a rally looking tired,” said Willie Delwiche, investment strategist at Robert W. Baird & Co. “I think it’s probably not much more than a chance for people to digest the move and try to get a sense of whether we’ve had a bounce — and this is it — or maybe a pause as we continue to move higher.”
The Dow Jones Industrial Average dipped 5.97 points, or less than 0.1 percent, to 23,995.95.
The S&P 500 on Friday edged down by 0.38 points, or less than 0.1 percent, to 2,596.26. Last month, a typical day for the index was a swing 10 times that.
The NASDAQ Composite lost 14.59, or 0.2 percent, to 6,971.48, and the Russell 2000 index of smaller stocks ticked up by 1.95, or 0.1 percent, to 1,447.38.
It was the first loss for the S&P 500 in six days and much of the reason for it was the falling price of oil. That helped pull energy stocks in the S&P 500 down 0.6 percent, the largest loss among the 11 sectors that make up the