The major US stock market indices ended the week mixed, but with weekly losses as the Federal Reserve prepares to raise interest rates again in the coming months.
The Dow Jones industrial average closed at 34,721, up 137 points, or 0.4 percent. This week, the blue-chip index fell 0.3 percent.
The S&P 500 index slid 11 points, or 0.27 percent, to 4,488 at the end of the day. It dropped 1.3 percent in a week.
The Nasdaq finished at 13,711, down 186 points, or 1.34 percent. The tech-heavy index fell 3.9 percent for the week.
According to minutes released on Wednesday, Fed officials support one or more 50 basis point rate hikes at future sessions if inflation remains high or continues to rise.
President James Bullard of the St. Louis Fed said Thursday that the central bank’s current policy rate is approximately 300 basis points too low” and that the benchmark interest rate should be raised to 3.5 percent.
The VIX volatility index, also known as the fear index, was down 1.8 percent to 21.16 at the close. The dollar index increased 0.1 percent to 99.85, while the 10-year US Treasury note yield increased 1.95 percent to 2.706 percent.
Gold increased by 0.66 percent to $1,944 per ounce, while silver increased by 0.6 percent to $24.74. Brent crude, the global standard, was trading at$102.66, up2%, while US benchmark West Texas Intermediate (WTI) was at $98.03, up2.1 percent.