U.S. stocks ended slightly lower Friday, but locked in strong weekly gains after the Federal Reserve indicated on Wednesday it could carry out rate cuts later this year.
The S&P 500 was down 0.1% to around 2,951, a day after finishing at an all-time high. The Dow Jones Industrial Average fell 34 points, or 0.1%, to 26,719. The Nasdaq Composite slipped 0.2% to 8,032. The Dow clinched its third straight weekly gain, marking its longest such streak since Feb. 22.
The Nasdaq also recorded its third straight weekly rise, its longest such streak since May 3. The blue-chip Dow briefly traded above its record closing high set on Oct. 3, but drifted lower later in the session.
IHS Markit said its flash manufacturing purchasing managers index in June dropped to 50.1 from 50.5 in May, the worst reading since Sept. 2009. In company news, shares of Canopy Growth slipped 8% after the marijuana company said pot sales in Canada had declined over the last quarter.