Dow Falls Short of Closing Record as Inflation Fears Pick Up

The Dow Jones Industrial Average pared early gains to fall just short of closing at an all-time high on Friday.

The 30-member blue-chip index — comprised of household names such as Goldman Sachs Group Inc., McDonald’s Corp. and JPMorgan Chase & Co. — jumped 0.7% just after the start of trading to establish a new intraday high of 45,203.52. But those gains dissipated over the course of the session, and the Dow closed up 0.1% to 44,946.12, narrowly missing its first record close since Dec. 4.

The Dow Industrials are up 19% from the depths of April’s trade-related selloff, ...