The S&P 500 closed higher on Friday in a volatile trading session as defensive stock gains offset energy declines and investors shrugged off aggressive comments from US Federal Reserve officials about raising interest rates.
Boston council chair Susan Collins said that with little evidence of an easing in price pressures, the central bank may need to raise interest rates by 75 basis points in a bid to control inflation.
climb Standard & Poor’s 500 index It jumped 19.79 points, or 0.50%, to close at 3966.35 points, it posted a weekly decline of 0.7%, according to Reuters.
The Nasdaq Composite index rose 4.00 points, or 0.04%, to 11148.96 points, while its weekly losses were 1.6%.
The Dow Jones Industrial Average rose 208.68 points, or 0.62%, to 33,752.64, but saw no significant change for the week.
Defensive groups led the index’s movement with the utilities and health care sectors rising.
The energy sector declined, along with falling oil prices, on concerns about weak demand in China and rising interest rates in the US.
Shares of Live Nation Entertainment fell after The New York Times reported that the US Department of Justice is investigating whether Ticketmaster’s parent company abused its influence over the multibillion-dollar music streaming industry.
