landsberg bennettThe major averages finished lower Friday, but notched a third straight week of gains. The Dow fell 34 points but ended the week 2.4% higher. The S&P 500 lost 0.1%, but advanced 2.2% for the week. The Nasdaq composite lost 0.2% for the day, but outperformed its peers for the week with a 3.0% gain.

Investors continued to weigh the Federal Reserve’s dovish tilt against renewed geopolitical tensions. The New York Times reported that Washington had come close to launching military strikes against Iran after the country was allegedly responsible for attacking a U.S. drone. The news sent WTI crude up 1% to $57.66, capping its best weekly performance since 2016. On the data front, a flash reading from Markit showed June manufacturing PMI fell to the lowest reading since 2009, barely hovering in expansionary territory at 50.1. A separate release showed existing home sales rebounded 2.5% in May after declining 0.4% in the prior month. Treasuries weakened, with the yield on the 10-year note up three basis points to 2.06%.

In corporate news, Altria lost 4.5% after a former FDA chief casted doubt over that the agency would approve Juul Labs e-cigarettes. Elsewhere, UnitedHealth Group added 1.8% after agreeing to acquire health care payment firm Equian for $3.2 billion.

Trading volume was notably higher today amid quadruple witching, an event where futures and options of stocks and indexes all expire on the same day. In commodities, COMEX gold added 0.5% to $1,399.30, capping a 4% weekly gain.