By Andy Giersher
(CBS) — It was a mixed day for stocks Friday, as solid earnings from Dow component Nike helped push the blue chip index into positive territory, while weakness in the bio-tech sector weighed on the NASDAQ.
The Dow Jones Industrial Average gained 113, the NASDAQ lost 48 and the S&P 500 closed flat, settling to 1931.
“What we are seeing here is a classic case of a very strong environment topping out over the summer and then, after the big August sell-off, changing the overt bull market to more of a bear market scenario,” says Adam Sarhan, founder of Sarhan Capital.
He adds the Federal Reserve appears to be more market-dependent versus data-dependent at this point.