Wall Street stocks rose on Friday (Aug 11), ending a three-day slide on worries about North Korea as investors stepped in to take advantage of a brief pullback in leading technology stocks.
He told reporters in the late afternoon that he hoped North Korea "fully" understood the gravity of his warning about taking military action against the USA or its allies. "You're less than 2 percent off the high for the S&P heading into a weekend where uncertainty with North Korea still lingers", Lerner said.
The Dow Jones industrial average declined 234.49 points to 21,858.32.
Phipps said investors were reassured after Dallas Fed President Rob Kaplan's said on Friday that the Fed needs more evidence of progress toward its inflation goal before raising rates again.
"If earnings can stay strong and interest rates remain low, investors can look beyond North Korea and continue to rally equities", Phipps said.
The tech-heavy Nasdaq composite index ended the week 1.5 percent lower at 6,256.56, including a 2.1 percent plunge Thursday, as President Trump delivered a warning to North Korean leader Kim Jong Un that the United States would respond to any further aggression.
But the S&P Bank sub-sector fell 0.7 percent on dimming prospects of another rate hike this year since higher rates tend to boost bank profits.
Over the five days, the S&P 500 dropped 1.43 percent, one basis point shy of the year's biggest weekly drop, posted in March.
Shares of Snap were down nearly 12 percent after hitting an all-time low following a miss on revenue and daily active users.
J.C. Penney Co finished down 16.6 percent after hitting a record low following the retailer's bigger-than-expected quarterly loss.