|
The Dow Jones Industrial Average tumbled 469.64 points, or 1.5%, to finish at 30,932.37, after touching a session low at 30,911.37 as Wall Street struggled to shake off fears of rapidly rising rates. The S&P 500 lost 18.19 points, 0.5%, to close at 3,811.15 as energy and financial stocks pulled back. The Nasdaq Composite Index added 72.91 points, or 0.6%, to 13,192.34 as Big Tech names rebounded after a large sell-off in the previous session amid surging bond yields. Facebook, Microsoft and Amazon each rose more than 1%. The 10-year Treasury yield fell 10 basis points to around 1.42% Friday, after surging above 1.6% at one point on Thursday. Rising yields make bonds more attractive to investors relative to stocks. Fresh federal data released Friday showed that U.S. consumer spending increased 2.4% in January after household incomes jumped 10%, mainly on the latest round of stimulus checks. Trade data showed that the U.S. trade deficit in goods widened to $83.7 billion in January from a revised $83.2 billion in the prior month, the Commerce Department said Friday. Imports of goods, such as consumer electronics, rose 1.1% to $218.9 billion in January. Goods imports were up 8.2% compared with a year earlier. Exports rose 1.4% to $135.2 billion, but were down 0.7% compared with one year ago. The University of Michigan's final read on its February consumer sentiment index came in at 76.8 in February from 79 in prior month. Powered by Capital Market - Live News |