Stocks finished little changed Friday. The Dow lost 5 points to 23,995. The S&P 500 was essentially flat at 2,596 while the Nasdaq Composite slipped 14 points to 6,971.
The U.S. equity market ended a five session winning streak amid concern over the impact of a prolonged U.S. government shutdown and a possible economic slowdown in China. The major averages, however, posted their third straight weekly gain with the S&P adding 2.4% while the Dow and Nasdaq climbed 2.5% and 3.5% respectively. On the data front, a report showed consumer prices rose 1.9% year-over-year in December, in line with the consensus forecast. Core CPI, which excludes the volatile food and energy components, increased 2.2% last month, above the Fed’s target of 2.0%.
Seven of 11 S&P 500 sectors finished in negative territory as Utilities and Energy stocks lagged. In earnings news, General Motors jumped 7.1% to $37.18 after providing a positive profit outlook. Shares of PVH Corp rallied 6.9% to $105.77 following the apparel maker’s increased quarterly and full-year guidance. In other corporate news, shares of Netflix advanced 4.0% to $337.59 following an analyst upgrade.
Breadth was positive on issues by roughly 4:3 on the NYSE and 8:7 on the NASDAQ. Composite NYSE Volume totaled more than 3.3 billion shares.
Treasuries finished higher sending the yield of the benchmark 10-year note down four basis points to 2.70%. In commodities, NYMEX WTI crude was off 1.7% to $51.68/barrel which ended a nine session winning streak. COMEX gold added 0.1% at $1,288.30/ounce amid a weaker dollar.