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S&P 500, Nasdaq end lower Friday, snap 4-week win streaks as powerful summary rally shows signs of fading

U.S. stocks finished the week sharply lower with minutes from the Federal Reserve’s July meeting and comments from several Fed officials indicating the central bank still expected to move the benchmark rate high enough to combat high inflation. The Dow Jones Industrial Average dropped 292.30 points, or 0.9%, to finish at 33,706.74. The S&P 500 was down 1.3%, and the Nasdaq Composite finished 2% lower, according to FactSet. For the week, the Dow slipped 0.2%, while the S&P 500 declined 1.2% and the Nasdaq dropped 2.6%. Gold ended at its lowest price in over three weeks, down a fifth straight session to mark its longest losing streak since early July, while the ICE U.S. Dollar Index, a gauge of the dollar’s strength against a basket of other currencies, was up 0.5% to top 108 for the first time in a month, according to Dow Jones Market Data.

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