S&P Down on Day, Points to Upward Week - InvestingChannel

S&P Down on Day, Points to Upward Week

U.S. stocks dipped Friday as rates surged, but the S&P 500 and NASDAQ were on track for their second winning week in a row.

The Dow Jones Industrials gave up some of its gains of the morning, but remained above breakeven 13.33 points midday to 34,721.27.

The S&P 500 handed over 4.41 points to 4,515.75.

The S&P 500 is now about 3% higher in March, more than erasing its losses since Russia invaded Ukraine late last month.

The NASDAQ Composite slumped 134.7 points, or 1%, to 14,057.14.

For the week, the S&P 500 and NASDAQ are each up more than 1%. The Dow is marginally higher week to date.

Financial stocks rose Friday as the 10-year yield jumped. Bank of America and Wells Fargo each rose more than 1%.

On the downside, technology stocks eased, weighing on the NASDAQ. Fortinet lost more than 2% and Micron lost more than 1%.

The rebound has come even as the war in Ukraine continues and the Federal Reserve is set to hike interest rates several more times this year.

Treasury prices slumbered, raising yields to 2.48% from Thursday’s 2.37%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.16 to $113.50 U.S. a barrel.

Gold prices stayed negative $2.20 to $1,960.00 U.S. an ounce.

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