Stocks closed higher Friday on Wall Street, though major indexes finished lower for the week. The Dow rose 199 points to 33,745, the S&P 500 rose 18 points to 3,965, and the Nasdaq managed to gain a single point to close at 11,146. The Dow and S&P fell about 1% on the week, and the Nasdaq closer to 2%, per CNBC. Health care, financial, and utilities stocks were among the biggest gainers in the S&P 500. UnitedHealth Group rose 2.7%, Charles Schwab gained 2.5%, and Sempra Energy added 2.3%. However, a slide in energy and technology companies kept the market's gains in check. Exxon Mobil fell 1% amid a broad pullback in energy futures. US crude oil settled 1.9% lower.
Homebuilders and other real estate companies fell following a report showing that sales of previously occupied US homes fell in October for the ninth month in a row, the latest sign that the housing market is slowing as homebuyers grapple with sharply higher mortgage rates, rising home prices, and fewer properties on the market, per the AP. Zillow Group fell 5.5%, and homebuilder Hovnanian Enterprises slid 0.9%. The solid earnings from retailers cap off a shaky week for Wall Street as investors try to get a better sense of inflation's path and its impact on consumers and businesses.
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