NEW YORK, March 22 -- U.S. stocks ended mixed on Friday, but all three major indexes notched weekly gains.

The Dow Jones Industrial Average fell 305.47 points, or 0.77 percent, to 39,475.9. The S&P 500 sank 7.35 points, or 0.14 percent, to 5,234.18. The Nasdaq Composite Index increased 26.98 points, or 0.16 percent, to 16,428.82, scoring its third straight record close, which also marked the Nasdaq Composite's longest streak of record closes since November 2021.

Eight of the 11 primary S&P 500 sectors ended in red, with real estate and financials leading the laggards by losing 1.24 percent and 1.21 percent, respectively. Meanwhile, communication services and technology led the gainers by rising 0.85 percent and 0.45 percent, respectively.

The indexes recorded substantial weekly gains, reaching record highs after the Federal Reserve alleviated concerns about reducing its projected rate cuts for this year. Confidence that interest rates have reached their peak is also buoyed by indications that other major central banks are prepared to change course. The yield on the 10-year Treasury note was trading around 4.24 percent on Friday.

"The market rally has continued in force over the last 24 hours, driven by growing confidence that rate cuts are finally on the horizon," said Jim Reid, a strategist at Deutsche Bank. "Dovish news has given markets a significant boost, and marks a big shift from where we began the week. Indeed, it's worth remembering that it was only last week that the U.S. consumer-price index and producer-price index [inflation] numbers surprised on the upside, which led to growing speculation that the Fed would dial up the hawkishness."

On the corporate front, FedEx shares surged approximately 7 percent after the parcel giant's largest unit showed improved operating margins, exceeding profit expectations. Conversely, Nike shares declined by about 7 percent as investors digested disappointing sales guidance along with its mixed financial results.

  - Xinhua