Wall Street Closes Higher Despite First Weekly Loss in 10 Weeks
After a week of lackluster trading, Wall Street managed to close higher, although it marked its first losing week in the last 10. The trading session was influenced by reports revealing that workers are receiving bigger raises, but certain sectors of the economy do not appear to be overheating.
Treasury Yields and Interest Rate Concerns
Following a report showing a stronger-than-expected job market, Treasury yields initially surged, raising concerns that the Federal Reserve might maintain high interest rates. However, another report indicated a slowdown in growth for services businesses, leading traders to rebuild bets for the first rate cut to occur in March.
Friday’s Market Performance
- The S&P 500 rose 8.56 points, or 0.2 percent, to 4,697.24.
- The Dow Jones Industrial Average rose 25.77 points, or 0.1 percent, to 37,466.11.
- The Nasdaq composite rose 13.77 points, or 0.1 percent, to 14,524.07.
- The Russell 2000 index of smaller companies fell 6.58 points, or 0.3 percent, to 1,951.14.
Weekly Performance
- The S&P 500 is down 72.59 points, or 1.5 percent.
- The Dow is down 223.43 points, or 0.6 percent.
- The Nasdaq is down 487.28 points, or 3.2 percent.
- The Russell 2000 is down 75.93 points, or 3.7 percent.
