Mixed Earnings and Economic Data Lead to Weekly Stock Market Losses

Stocks closed slightly higher on Friday as investors digested corporate earnings and fresh economic data. The S&P 500 rose 0.09%, while the Dow Jones Industrial Average rose 0.07%. All three major averages closed the week lower. The S&P Global's flash reading on the U.S. Manufacturing Price Index came in hotter than expected, challenging the narrative that storm clouds are brewing in the US economy. Cleveland Fed President Loretta Mester said interest rates need to rise above 5% given stubborn inflation.