NEW YORK — The blue-chip Dow Jones ended higher after hitting an intraday record high on Friday, as UnitedHealth’s shares jumped after Berkshire Hathaway raised its stake, but other Wall Street indexes slipped as mixed data clouded the Federal Reserve’s next monetary policy move.
A meeting between US President Donald Trump and Russian counterpart Vladimir Putin was also on the radar, with markets hoping it could pave the way for a resolution to the Ukraine conflict and determine the outlook for crude prices. The two leaders began a meeting in Alaska on Friday afternoon.
UnitedHealth Group rose sharply after Warren Buffett’s company revealed a new investment in the health insurer, while Michael Burry’s Scion Asset Management also turned more bullish on the company.
Rising costs in the broader healthcare sector and about a 40 percent slump in UnitedHealth’s shares this year have left the Dow .DJI lagging its Wall Street peers on the road to record highs. The price-weighted index last scaled an all-time high on December 4.
The healthcare sector gained on Friday, tracking its best weekly performance since October 2022.
According to preliminary data, the S&P 500 lost 18.86 points, or 0.29 percent, to end at 6,449.68 points, while the Nasdaq Composite .IXIC lost 83.99 points, or 0.40 percent, to 21,626.68. The Dow Jones Industrial Average rose 43.83 points, or 0.10 percent, to 44,955.09.
More broadly, Wall Street’s main stock indexes recorded their second week of gains, buoyed by expectations that the Fed could restart its monetary policy easing cycle with a 25-basis-point interest rate cut in September.
The central bank last lowered borrowing costs in December and said US tariffs could add to price pressures. However, recent labor market weakness and signs that tariff-induced inflation was yet to reflect in headline consumer prices have made investors confident of a potential dovish move next month.
