Major U.S. stock indexes ended almost flat Friday, but the Standard & Poor’s 500 index still set its 35th record high this year.
Major U.S. stock indexes ended essentially flat Friday after a day of mostly listless trading. Even so, the Standard & Poor’s 500 index closed out the week with its fifth straight weekly gain.
“Some of the selling today is just profit-taking,” said Ben Phillips, chief investment officer at EventShares. “People are just maybe checking out for the rest of the year and taking some profits on positions because there are a lot of things that are up meaningfully.” Smaller-company stocks took the brunt of the selling. The Russell 2000 index fell 8.64 points, or 0.5%, to 1,669.03.A truce in the U.S.-China trade war and positive signs for the economy have helped keep investors in a buying mood. Fears about a possible recession have also faded since the summer after the Federal Reserve cut interest rates three times and signaled it will keep them low for a long time.
Investors also favored utilities and real estate stocks. American Water Works rose 0.9%. Kimco Realty gained 1.5%.
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