All three major U.S. indices ended Friday lower after inflation data came in in line with economists estimates.
The Dow Jones Industrial Average fell 6 points, after falling as much as 200 points earlier in the day. The S&P 500 fell more than 1 point. The Nasdaq fell 15 points. This came even after CPI data came in showing that inflation rose 1.9%, in line with estimates, and down from the previous reading of 2.2%. Many on Wall Street was saying before the market opened that this outcome would be good for stocks, but that wasn't the case. Plus, General Motors Company (GM - Get Report) raised its earnings guidance for the full year of 2018. (PVH - Get Report) , owner of Tommy Hilfiger, also raised guidance.
Still, stocks ended down.
"I'll call it the Friday affect," chief market strategist for TD Ameritrade, JJ Kinahan, told TheStreet. "We're in such a news driven environment now, the possibility of news over the weekend is very high, and people are saying 'you know what -- I'm taking risk off the table and I'm going to sell some things where I have profits," he added. The U.S. market is up for the month of January, so there are certainly profits to take in some areas.