Stocks dip Friday, but S&P 500 logs third straight weekly gain

The S&P 500 closed down 0.2% Friday at 7,785.76, while the Nasdaq Composite fell 0.3% to 26,729.16 and the Dow Jones Industrial Average slid 107.58 points, or 0.2%, to 53,732.41. Despite the daily pullback, the S&P 500 gained 0.4% for the week, marking its third consecutive weekly advance, while the Nasdaq rose 0.1% for its own third straight weekly gain. The Dow finished the week down 0.6%.

The S&P 500 set records earlier in the week, crossing 7,800 for the first time on Thursday and touching an intraday high of 7,816.70 after closing at a record the day before.

Retail sales for July posted an unexpected decline, and consumer confidence fell in August after improving in June and July. More than 90% of S&P 500 companies have reported second-quarter results, with earnings growth tracking around 50% from a year earlier, according to FactSet.

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