The benchmark 10-year Treasury yields hit a one-year high of 1.614%, prompting investors concerned about rich valuations to lock in profits on some high-flying growth stocks.
Powell told lawmakers on Wednesday it may take more than three years to reach the central bank s inflation goals, a sign the Fed plans leave interest rates unchanged for a long time to come.
Market-leading growth stocks, which thrived amid pandemic-related lockdowns, weighed on stocks for much of the day as investors favored shares that stand to gain most as ongoing vaccine deployment allows economic restrictions to be lifted.
Nasdaq, S&P 500 end lower as US yields rise; Disney lifts Dow
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Last Updated: Feb 23, 2021, 06:12 AM IST
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U.S. benchmark 10-year Treasury yields were up at 1.363% . Since the beginning of February, 10-year yields have risen about 26 basis points, on track for their largest monthly gain in three years.
Agencies Since investors are anticipators, they are preparing for a potential spike in inflation now, said Sam Stovall, chief investment strategist at CFRA Research.
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The Dow index ended slightly higher, lifted by a 4% surge in Walt Disney Co shares.
U.S. benchmark 10-year Treasury yields were up at 1.363% . Since the beginning of February, 10-year yields have risen about 26 basis points, on track for their largest monthly gain in three years.
NEW YORK: Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.
Industrials led rising sectors in the S&P 500, spurred by a 9.9% surge in Deere & Co and Caterpillar s 5.0% gain to an all-time peak of $211.40 a share. Financials, materials and energy, along with industrials, rose more than 1%.
The S&P 1500 airlines index jumped 3.5%, with post-pandemic travel in focus.
The stay-at-home winners, including Microsoft Corp, Facebook Inc, Alphabet s Google and Netflix Inc , fell in a trend seen for most of the week. Amazon.com Inc also fell, as investors sold the leaders in the big rally since last March.