Stock market today: Dow ekes out another record amid winning week for stocks

US stocks closed mixed on Friday as rate-cut euphoria faded, but the Dow Jones Industrial Average (^DJI) managed to stay above the 42,000 level again to eke out another record close. The S&P 500 (^GSPC) fell 0.2% after the benchmark index ended at an all-time high on Thursday. The tech-heavy Nasdaq Composite (^IXIC) closed down 0.4%. Despite Friday’s muted action, the major averages closed out the week with gains. Much of those increases stemmed from Thursday’s market surge as investors embraced Chair Jerome Powell’s message that the Federal Reserve made a big interest rate cut to support the economy, not to save it — an idea bolstered by jobless claims data. That roaring rally sputtered on Friday amid reminders that risks to growth could still lie ahead. Wall Street is still wondering whether the Fed has fallen behind in keeping the economy on track for a “soft landing.” Traders are pricing in deeper cuts this year than policymakers’ “dot plot” projects, per fed funds futures. Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards Also, those Fed-fueled high spirits are stoking the risk of a bubble, according to a top Bank of America strategist. Michael Hartnett said stocks are pricing in levels of policy easing and earnings growth right now that push investors to go chasing gains. With less than an hour left of trading, Intel (INTC) shares spiked after The Wall Street Journal reported semiconductor giant Qualcomm approached the chipmaker in recent days about the possibility of a takeover. Qualcomm (QCOM) stock sank nearly 3%. FedEx posted a sharp drop in profit, missing Wall Street estimates. The delivery company — a bellwether for the economy — saw its shares slump. Elsewhere, Nike’s (NKE) stock jumped after the sportswear maker named a new CEO as its sales come under pressure.