"People are waiting for something different and you're not getting it right now," said Aaron Izenstark, chief investment officer of IRON Financial. "You're getting this continued plod-along, slow growth ... so as a whole things are improving. The question is, can the market move forward without the [Federal Reserve]?"
The S&P 500 slid 0.36%, to 1,691.41 as the benchmark index booked its largest one-week drop since the week ended June 21, when stocks fell 2.1%. The S&P fell 1.07% on the week.
The Dow Jones Industrial Average lost 0.47% to 15,425.51. The blue-chip index lost 1.49% this week. The Nasdaq dropped 0.25% to 3,660.11, while the tech-heavy index declined 0.8% over the past five trading sessions.Economic data was light for Friday as June wholesale inventories dipped 0.2%, which followed a 0.5% dip in May. Economists polled by Thomson Reuters were expecting inventories to rise 0.4%. Priceline (PCLN) was an exception to an otherwise slumbering market, advancing 3.9% to close at $969.89 after the online travel company beat earnings expectations on a surge in bookings. The company posted second-quarter earnings of $9.70 a share on $1.68 billion in revenue, while analysts were looking for $9.36 a share on revenue of $1.66 billion. J.C. Penney (JCP) was the biggest percentage loser on the S&P as shares plunged 5.8% to $12.87. Shares of the retailer jumped 6.7% on Thursday following a report that activist billionaire investor Bill Ackman was urging the board to replace CEO Myron Ullman. European markets were mixed on Friday. The FTSE 100 in London increased 0.82%, and the DAX in Frankfurt closed higher by 0.24%. Asian markets closed higher overnight. Japan's Nikkei average closed up 0.7% at 13,615. Hong Kong's Hang Seng climbed 0.7% to 21,808. The benchmark 10-year was lifting 4/32, diluting the yield to 2.578%. The dollar was adding 0.14%, according to the U.S. dollar index. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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