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U.S. equities regained some of their bearings on Friday after said Steve Bannon, one of President Donald Trump's top advisors, left the administration.
The Dow Jones Industrials dropped 46.43 points to close at 21,704.30
The S&P 500 initially popped on Bannon’s departure, but settled in the red 4.46 points to 2,425.55
The NASDAQ finished lower 5.39 points to 6,216.53.
Hibbett Sports was among those firms announcing earnings Friday; its stock sank 68 cents, or 5.9%, to $10.83
Traders at the New York Stock Exchange literally cheered the news that Bannon was out of the administration.
Tension between Bannon and other top advisors to Trump, including Chief Economic Advisor Gary Cohn and National Security Advisor H.R. McMaster, had been festering inside the White House. On Wednesday, Reuters reported that discord between Bannon and McMaster was destabilizing Trump's team.
Bannon was the advisor pushing the hardest for a more nationalistic approach to U.S. economic policy. However, his influence has reportedly waned in the Trump administration.
The Dow and the S&P had fallen approximately 0.5% for the week entering Friday's session. The two indexes were also on track for their first two-week losing streak since May. The NASDAQ, meanwhile, was on track to post a four-week losing streak, its longest of the year.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to Thursday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.54 to $48.63 U.S. a barrel
Gold prices removed 20 cents to $1,292.20 U.S. an ounce.
