Dow Snaps Its Winning Streak
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Hemera/Thinkstock(NEW YORK) — The Dow’s streak couldn’t go on forever. After 10 consecutive days of gains, the markets finished the week, and the Dow’s longest winning streak since 1996, with losses.
The Dow Jones Industrial Average dropped 25.03 points to 14,514.11. The Nasdaq Composite closed down 9.86 points to 3,249.07. The S&P 500 closed the day down 2.51 points at 1,560.72.
Fears over inflation contributed to Friday’s drop. Despite the day’s losses, the Dow and S&P managed to close the week with gains; the Dow ended the week up 0.8 percent, and the S&P closed up 0.6 percent.
Meanwhile, an official at JPMorgan Chase told a Senate panel that CEO Jamie Dimon held off showing federal regulators reports that the bank had accumulated billions of dollars in trading losses. Dimon later acknowledged the firm had lost $2 billion on risky trades out of its London office. The losses were revised to more than $6 billion.
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