S&P 500 and Nasdaq fall Friday to snap six-day win streak, but both notch weekly gains: Live updates
NEW YORK, NEW YORK - JANUARY 22: Traders work on the floor of the New York Stock Exchange during afternoon trading on January 22, 2024 in New York City. The Dow Jones and S&P both hit all time highs with the Dow Jones closing over 38,000 points for the first time ever as stocks continue to rise. (Photo by Michael M. Santiago/Getty Images)

The S&P 500 closed slightly lower Friday, but clinched weekly gains as the latest economic data added to a positive picture of the economy.

The broad market index inched down by 0.07% to 4,890.97. The Nasdaq Composite slipped 0.36% to 15,455.36, hurt by a post-earnings slide in Intel . The Dow Jones Industrial Average bucked the trend by adding 60.30 points, or 0.16%, to 38,109.43, an all-time closing high. All three major averages are now up more than 100% from their pandemic lows.

Despite Friday's mixed session, the major averages recorded a winning week. The S&P 500 advanced around 1.1%, while the technology-heavy Nasdaq Composite climbed about 0.9%. The blue-chip Dow gained approximately 0.7%.

Friday's losses ended a six-day winning streak for the S&P 500 and Nasdaq. Through the end of Thursday's session, the benchmark S&P 500 had closed at a record high for five straight trading days, the longest streak of its kind since November 2021.

Stocks got a boost this week from encouraging economic data.

December's core personal consumption expenditures price index came in line with economists' forecasts month over month, but was slightly lower than anticipated on an annualized basis, data released Friday shows. It's a preferred gauge of inflation for the Federal Reserve, which sets monetary policy.

Friday's PCE print came a day after gross domestic product data revealed higher-than-expected economic growth in the fourth quarter. That bolstered investors' hopes that the economy has avoided a deep recession.

"All the economic data — both the GDP and PCE — was good this week," said Rhys Williams, chief strategist at Spouting Rock Asset Management. "That was comforting to everybody. And I think it does show we're still in this potential 'Goldilocks' landing, where the economy softens a bit but is still positive."

But sell-offs among some well-known stocks on the back of earnings reports restricted gains this week.

Chipmaker Intel tumbled nearly 12% on Friday after offering a disappointing fiscal first-quarter outlook. KLA slid more than 6% in the session after the semiconductor company posted light guidance for its fiscal third quarter.

On the other hand, American Express rallied more than 7% after sharing a better-than-expected forecast for full-year earnings. That helped the 30-stock Dow mitigate losses from Intel's drop.

Elsewhere, Tesla , a retail investor darling, registered its worst week since October, declining 13.6% in the period. Shares took a leg down after the electric vehicle maker posted disappointing earnings and warned of trouble in 2024.