Traders work on the floor of the NYSE after the opening bell at the New York Stock Exchange on Wall Street in New York City on Friday. The Dow Jones Industrial Average began the day down by more than 200 points. Photo by John Angelillo/UPI | License Photo
Aug. 19 (UPI) -- U.S. stocks suffered losses this week with the S&P 500 index ending its streak of four weeks of gains.
The S&P 500 fell about 1.3% on Friday to end the week down about 1.2% from last week -- after the index grew 6.7% July 22 to Aug. 12 amid a summer rally, market data shows.
The Nasdaq Composite fell 2% on Friday to end the week down more than 2.6% but is up nearly 7.4% since July 22, data from Nasdaq shows. The Dow Jones Industrial Average fell 0.86% on Friday and a fraction of a percentage point on the week.
The Dow remains up around 5.7% since July 22, the Nasdaq market data shows.
The news came as investors weighed the release of minutes on Wednesday from the Federal Reserve's July meeting, in which the central bank said it would continue to aggressively hike interest rates in order to tame inflation.
"Participants continued to anticipate that ongoing increases in the target range for the federal funds rate would be appropriate to achieve the committee's objectives," the minutes read.
"With inflation remaining well above the committee's objective participants judged that moving to a restrictive stance of policy was required to meet the committee's legislative mandate to promote maximum employment and price stability."
The Federal Reserve also said that suggested that the pace of its tightening could soon slow.
"I wouldn't expect a complete reversal going back to the June lows or something like that, however, the choppiness we're seeing today and this week does reflect a lot of the bear case that's out there," FBB Capital Partners' Mike Bailey told CNBC.
"I think seeing the market trade sideways or seeing a bit of a pause in that rally definitely makes sense based on some of the facts that we're seeing out there."