Rally ends, but stock market still has an up week

The rally that pushed a key index to a record high ran out of steam Friday.

Despite the losses, the market still ended with its best week in nearly two months after getting a boost from the Federal Reserve on Wednesday. Policymakers signaled that they were in no hurry to raise interest rates from historically low levels.

“Many sectors and stocks have had a good few days, so some of it is people taking off some of their profits,” said JJ Kinahan, TD Ameritrade’s chief strategist, about Friday’s trading.

The Standard & Poor’s 500 index fell 11.25, or 0.5 percent, to 2,109.99. For the week, the index was up 0.8 percent, its best gain since the week ending April 24.

The Dow Jones industrial average fell 99.89, or 0.6 percent, to 18,015.95.

The Nasdaq composite fell 15.95, or 0.3 percent, to 5,117.00. That’s just below its record high of 5,132.95 set on Thursday.

An impasse in bailout negotiations between Greece and its creditors and worries about a stock bubble in China weighed on the market. Utilities and financials stocks were among the biggest decliners. The price of oil fell, ending the week nearly flat.

In other news, shares of Martha Stewart Living Omnimedia jumped 37 percent over the past two days amid reports of an imminent takeover by Sequential Brands Group, owner of the Avia workout gear and Caribbean Joe island wear brands. That’s adding to a year-to-date gain that was already the strongest for Martha Stewart Living since 2009.

This story was originally published June 19, 2015 at 5:34 PM with the headline "Rally ends, but stock market still has an up week."