The S&P 500 index closed in correction territory on Friday, with a 0.5% drop, due to weaker-than-expected earnings reports and strong economic data. The Dow also fell, losing 367 points or 1.1%, while the Nasdaq Composite gained 0.4%. Amazon shares, however, rose 6.8% after reporting positive third-quarter earnings. Other companies like Chevron, ExxonMobil, Ford Motors, and JPMorgan Chase experienced declines in their stock prices due to disappointing earnings. For the week, the Dow fell 2.1%, the S&P 500 slipped 2.5%, and the Nasdaq Composite lost 2.6%. Despite concerns about high interest rates, the US economy showed strength with a 4.9% growth rate in the third quarter. The Federal Reserve's preferred inflation gauge also showed a moderate increase. Traders predict that the Fed will keep interest rates steady in its upcoming monetary policy meeting. The University of Michigan's consumer survey indicated a 6% decrease in sentiment, reflecting growing concerns about the economic outlook.
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