The S&P 500 closed slightly lower on Friday, but all three major indices recorded strong weekly gains.
Investors digested earnings reports from major companies on Friday. UnitedHealth Group Incorporated (NYSE:UNH) shares gained more than 7% on Friday after the company reported better-than-expected second-quarter earnings.
JPMorgan Chase & Co. (NYSE:JPM) shares rose 0.6% following upbeat quarterly earnings, while Wells Fargo & Company (NYSE:WFC) shares slipped 0.3% despite reporting higher quarterly profit.
Majority of sectors on the S&P 500 closed on a negative note, with energy, financials and communication services stocks recording the biggest losses on Friday. However, health care, consumer staples and consumer discretionary stocks closed higher during the Friday’s session.
The Nasdaq 100 slipped 0.04% to close at 15,565.60 on Friday, amid gains in shares of NVIDIA Corp (NASDAQ:NVDA) and Adobe Inc (NASDAQ:ADBE).
The S&P 500 fell 0.10%, while the Dow Jones gained 0.33% to 34,509.03 in the previous session. For the week, the Dow gained 2.3%, while the S&P 500 added 2.4%.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) fell 2% to close at 13.34 on Friday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market’s expectation of volatility based on S&P 500 index call and put options.
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