Dow Marks Record Close. Next Week the Market Faces a Major Test.
The Dow rallied late during Friday’s session to finish a strong week for the stock market with another record close.
The Dow Jones Industrial Average on Friday gained 37 points, or 0.1%. The S&P 500 dipped 0.2%. The Nasdaq Composite slipped 0.4%.
The yield on the 2-year Treasury note was down to 3.573% this week. The 10-year yield was down to 3.727% this week.
Stocks were choppy on a triple-witching day, when stock options, stock index futures, and stock index options all expire on the same day. That often makes for volatile trading.
The market will face another major test next week when a gauntlet of Federal Reserve officials are set to make public appearances. Wall Street will get a better idea how more voting members view the path forward for interest rates. There will also be a wave of economic data, which will be capped off a week from today with the personal-consumption expenditures price index.
If that wasn’t enough, the week after the third Friday of September is historically the S&P 500’s worst week of the year. Things could get bumpy.