Wall Street closed mixed at the end of a volatile week of trading, with the Dow Jones Industrial Average being the only bright spot, as inflation concerns loom over growth names.
The Dow was lifted by industrial heavyweights, including Boeing (BA.N) and Caterpillar Inc. (CAT.N). Boeing jumped 3.1% as industry sources said the planemaker has drawn up preliminary plans to increase in 737 MAX output to as many as 42 jets a month in fall 2022. read more .
Banks, including Goldman Sachs [RIC:RIC:GSGSC.UL], and JP Morgan (JPM.N), also supported the Dow.
The S&P 500 pared its earlier gains, down 0.08% to 4,155.86, marking the index’s drop for a second consecutive week. Information technology (.SPLRCD) and consumer discretionary (.SPLRCD) led the selloff while economy-linked financials (.SPSY) and energy (.SPNY) posted biggest sectoral gains.
Analysts expect the rotation trades to continue to play out with the vaccine rollouts and reopening of the economy.