Investing.com - Stocks ended the week basically flat, as if traders were exhausted by all the drama the week threw at them. But the S&P 500 hit a new intraday high for a second day in a row.
The S&P 500 ended down 0.13% after hitting a new high of 2,964.15 early in the day. The Dow Jones industrials sagged at the close, ending down 0.13%, and the Nasdaq Composite dropped back 0.24%. The declines were the first for the indexes after four-straight gains.
Among influences this week, there was the U.S. drone shot down off the coast of Iran that nearly caused a U.S. attack on Iranian military facilities. The Federal Reserve signaled an interest-rate cut, and maybe more, was coming. Its chairman said the central bank was worried about the health of U.S. manufacturing and global economic growth. President Donald Trump agreed to meet with Chinese president Xi Jinping at next week's G-20 summit in Tokyo in hopes of negotiating a trade deal. And the president held back on imposing big tariffs on Mexico.
For the week, the S&P 500 was up 2.2%, while the Dow rose 2.4% and the Nasdaq was up 3%. The weekly gains were the third straight for the major indexes. But June has been one of the strongest Junes for stocks since the 1950s, The Wall Street Journal noted. The S&P 500 is up nearly 7.2% so far this month, with the Dow is enjoying a 7.7% gain, and the Nasdaq up 7.8%.
Only 12 of the 30 Dow stocks were higher, led by UnitedHealth Group (NYSE:UNH), Exxon Mobil (NYSE:XOM) and Verizon Communications (NYSE:VZ). The laggards included Walt Disney (NYSE:DIS), Dow Inc (NYSE:DOW) and United Technologies (NYSE:UTX).
Energy, healthcare and utilities were among the strongest sectors on the day. Real estate, technology and industrials were the weakest. But gains and losses were modest.
Crude oil jumped 9% on the week, hitting $57.42. Gold Futures topped $1,400 an ounce, its highest close in nearly six years as interest rates fell. The 10-Year Treasury yield briefly dropped under 2% and the dollar index also fell.
Next week isn't big on corporate earnings. The reports of note include Lennar (NYSE:LEN) and FedEx (NYSE:FDX), both on Tuesday.
There are some important economic reports to look for, including new home sales on Tuesday and a revision on first-quarter gross domestic product on Thursday. The biggerst economic event is the G-20 summit that starts Friday in Tokyo.
Interest rates moved up slightly, despite the Fed's signal it could cut rates soon. Investing.com's Fed Rate Monitor Tool puts the odds of a rate cut at the Fed's July meeting at 100%. The Fed's key federal funds rate is 2.25% to 2.5%.
S&P 500 winners and losers
Healthcare giant Humana (NYSE:HUM), auto-dealer operator CarMax (NYSE:KMX) and oil-services company Baker Hughes (NYSE:BHGE) were among the top gainers in the S&P 500.
Industrial-gas supplier Sealed Air (NYSE:SEE), cruise-line operator Carnival (NYSE:CCL) and cigarette maker Altria (NYSE:MO) were among the S&P 500 laggards.