By Caroline Valetkevitch
NEW YORK (Reuters) -The Nasdaq posted a fifth straight record close on Friday after gains in Adobe (NASDAQ:) and other technology-related stocks, while the Dow Jones and Dow finished slightly lower.
The S&P 500 ended its four-day streak of record highs, but still climbed more than 1% for the week.
The technology sector of the S&P 500 rose 0.5% to reach another record high. The communications services sector rose 0.6%, which is the biggest gainer among the sectors.
Shares of Adobe rose 14.5% a day after the company raised its annual revenue forecast due to higher demand for its artificial intelligence-based software.
“You’ve had a big rally this week, led by big-cap tech. Beneath the surface, there are a lot of areas that are behaving weakly,” said Adam Sarhan, CEO of 50 Park Investments in New York.
The Russell small-cap index fell 1.6%, adding to recent losses, while the S&P 500 industrials fell 1%.
The decline was 57.94 points, or 0.15%, to 38,589.16. The S&P 500 lost 2.14 points, or 0.04%, to 5,431.6 and added 21.32 points, or 0.12%, to 17,688.88.
This week, the Dow Jones fell 0.5%, the S&P 500 rose 1.6% and the Nasdaq rose 3.2%.
Investors are still trying to gauge how quickly the Federal Reserve could cut rates.
Fed Bank of Chicago President Austan Goolsbee said he was relieved after data this week showed inflation had cooled in May, but he would still like to see “more months” of similar data before cutting rates.
On Wednesday, Fed policymakers scaled back their projections for three cuts this year to just one.
In a report Friday, a preliminary reading of the University of Michigan’s Consumer Sentiment Index fell to 65.6 in June, sharply lower than expected.
Shares of Nvidia (NASDAQ:) ultimately rose 1.8%, after briefly surpassing Apple (NASDAQ:) as the second most valuable company in the world.
A report from BofA Global Research showed that US value stock funds had outflows of $2.6 billion, while investors poured $1.8 billion into US growth stock funds in the week to Wednesday.
Volume on U.S. exchanges was 10.12 billion shares, compared to the full-session average of 12.10 billion over the past 20 trading days.
Declining issues outpaced advancers on the NYSE by a 2.39-to-1 ratio; on the Nasdaq, a 2.51-to-1 ratio favored the decliners.
The S&P 500 posted 11 new 52-week highs and 16 new lows; the Nasdaq Composite recorded 30 new highs and 192 new lows.
