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Tech issues and small-cap stocks fared better than blue chips Friday following a Commerce Department report that showed first-quarter growth was lower than expected. The Dow Jones industrials lost more than 70 points, while the Nasdaq and InformationWeek 100 posted gains.
The Commerce Department's final revision of the first-quarter domestic gross product showed growth at an annual rate of 3.9%, a lower pace than Wall Street expected. However, most investors agreed that the GDP figure would prevent the Federal Reserve from raising rates aggressively at its meeting next week. Wall Street is expecting a 0.25% rate hike from the two-day meeting that starts Tuesday.
The Dow Jones ended at 10,371.84, down 71.97, or about 0.7%, after being in positive territory earlier in the day. The Standard & Poor's 500 index fell 6.22, or 0.6%, at 1,134.43, and the Nasdaq composite index rose 9.90, or 0.5%, at 2,025.47. For the week, the Dow fell 0.4% and the S&P 500 fell 0.1%, while the Nasdaq gained 2%. The Dow reversed a four-week run of gains and the S&P 500 had its second consecutive losing week. The Nasdaq reversed last week's decline.
The InformationWeek 100 rose 2.50, or 0.8% on Friday to 321.58 and ended the week with a 3.6% gain. The Nasdaq 100. The Nasdaq 100 tracking stock rose 28 cents to $37.33 as more than 82 million shares changed hands.