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) raised its earnings guidance for the full year of 2018. (PVH) , 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.