Wall Street held mostly lower Friday in a quieter end to a record-breaking week in which stocks scored their best winning streak in a quarter century.
The S&P 500 was down 0.16%, the Dow Jones Industrial Average fell 0.25%, and the Nasdaq added 0.05%.
The promise of tax reform from Donald Trump was largely the driver behind recent all-time records for benchmark indexes achieved earlier in the week. The rally lost its luster on Thursday during an unfocused and lengthy press conference in which Trump said a tax reform plan would come after a health care proposal in March. Trump has made vague references to a forthcoming tax reform plan, though no details of the president's self-described "massive" tax reform have been divulged.
The Dow, S&P 500 and Nasdaq ended Wednesday with their fifth record close in a row, the longest record-making streak since a six-session stretch from late 1991 to early 1992. That record stretch was snapped on Thursday after the S&P 500 and Nasdaq fell and the Dow closed at a new record by just a few points.
UnitedHealth (UNH) led the Dow's losses after the U.S. Department of Justice joined a lawsuit accusing the health care company of overcharging Medicare. The company reportedly overcharged the Medicare program "hundreds of millions -- and likely billions -- of dollars." UnitedHealth has refuted the charges.
Kraft Heinz (KHC) , the maker of Kraft mac and cheese and Heinz ketchup, on Friday said it approached consumer products giant Unilever (UL) about a merger but that Unilever rejected the approach. Unilever said the $143 billion approach has "no merit" and "fundamentally undervalues" the consumer staples company. The Kraft offer represented an 18% premium to Unilever's close on Thursday. Shares of Kraft Heinz rose 8% while Unilever gained 10%.