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Market Update: Wall Street Struggles to Gain Traction
US stock indexes closed out a wobbly session virtually flat on Friday, as investors weighed the prospect of a robust economic recovery against growing inflationary pressure. While a re-opening economy has unleashed pent-up demand, the supply side of the equation is striving to meet it, resulting in the price pressures seen in recent data, particularly a stronger-than-expected inflation reading on Thursday. Still, investors have been digesting the Fed’s narrative that a surge in inflation is transitory and because of those supply and demand imbalances. All eyes next week turn to the Federal Reserve monetary policy announcement for guidance about the path of crisis-era stimulus. For the week, the blue-chip Dow fell 0.8% while the S&P 500 gained 0.4% for its third straight positive week, and the Nasdaq Composite advanced 1.9%, posting its fourth winning week in a row. [/s2If]
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