U.S. equities finished out the week mixed, with the Dow and S&P 500 again at or near record highs, and the Nasdaq seeing pressure amid renewed scrutiny toward tech stocks. Trade concerns continued to cool to add to the buoyancy, but investors may be looking ahead to changes to the Global Industry Classification Standard’s sectors coming. Treasury yields were mixed and the U.S. dollar rebounded from a recent bout of weakness, as reports from Markit on business activity diverged. Meanwhile, crude oil prices were mixed and gold was lower.
The Dow Jones Industrial Average (DJIA) rose 87 points (0.3%) higher to 26,744, the S&P 500 Index was up nearly 2 points (0.1%) to 2,930, and the NASDAQ Composite lost 41 points (0.5%) to 7,987. In heavy volume, as a result of quadruple witching—the simultaneous expiration of stock and index futures and options contracts—2.6 billion shares were traded on the NYSE and 3.6 billion shares changed hands on the NASDAQ. WTI crude oil rose $0.46 to $70.78 per barrel and wholesale gasoline was unchanged at $2.00 per gallon. Elsewhere, the Bloomberg gold spot price fell $8.20 to $1,998.98 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—was 0.3% higher at 94.21. Markets were mixed for the week, as the DJIA rallied 2.3%, the S&P 500 Index rose 0.8%, while the NASDAQ Composite declined 0.3%.
Treasuries were mixed, as the yield on the 2-year note rose 1 basis point to 2.81%, while the yields on the 10-year note and the 30-year bond moved 1 basis point lower to 3.06% and 3.20%, respectively.
Treasury yields extended a recent run that has been bolstered by the backdrop of continued solid economic data, which has kept expectations of a Fed rate hike next week almost a certainty, while the U.S. dollar has recovered from a drop as of late that has come courtesy of trade concerns being held in check.
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