S&P 500 Posts Third Straight Weekly Gain Despite Friday Pullback

TLDR

• The S&P 500 fell 0.2% Friday but still posted its third straight weekly gain, up 0.4% for the week
• The index hit an all-time intraday high of 7,816.70 on Thursday before pulling back
• The VIX fell as low as 14.28, one of its lowest readings since 1990
• Retail sales dropped unexpectedly in July and consumer confidence fell in August
• Markets now price in a two-thirds chance the Fed holds rates steady in September

The S&P 500 closed down 0.2% on Friday at 7,785.76, one day after hitting a new all-time intraday high of 7,816.70. The Dow Jones Industrial Average dropped 107 points, or 0.2%, to 53,732.41. The Nasdaq Composite slipped 0.3% to 26,729.16.

Despite Friday’s dip, the S&P 500 still ended the week up 0.4%. That marks three straight weeks of gains for the index. The Nasdaq also closed the week higher by 0.1%, while the Dow finished the week down 0.6%.

The market’s fear gauge, the CBOE Volatility Index, dropped as low as 14.28 on Friday. That level is historically low. Going back to 1990, the VIX has only been below 15 around 32% of the time, with an average reading of 19.45.

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