The US stocks were mixed on Friday, 12 March 2021, as rising bond yields served to push financials higher and technology lower. At the close of trade, the Dow Jones Industrial Average index advanced 293.05 points, or 0.9%, to 32,778.64. The S&P500 index added 4.00 points, or 0.1%, to 3,943.34. The tech-heavy Nasdaq Composite Index fell 78.80 points, or 0.59%, to 13,319.86. for the week, the Dow soared by 4.1%, the Nasdaq surged up by 3.1%, and the S&P 500 jumped by 2.6%.
Market participants expressed optimism about the economy reopening after President Joe Biden directed states to make all adults eligible for a coronavirus vaccine by May 1st. The vaccine news combined with the new $1.9 trillion stimulus package led to hopes for a return to normalcy after a year of the coronavirus pandemic.
Adding to the positive sentiment, the University of Michigan released a report showing U. S. consumer sentiment improved by much more than expected in the month of March.
The University of Michigan said its consumer sentiment index jumped to 83.0 in March after dipping to 76.8 in February. The report showed the current economic conditions index surged up to 91.5 in March from 86.2 in February, while the index of consumer expectations spiked to 77.5 from 70.7.
However, market gains trimmed as the recent rise in U. S. Treasury yields has raised fears of a sudden tapering of monetary stimulus. The yield on the benchmark 10-year note stood at 1.642% on Friday, the highest level since February of last year.
The high-flying but yield-sensitive group of stocks including of Facebook Inc, Apple Inc, Amazon.com Inc, Netflix Inc, Google-parent Alphabet Inc, Tesla Inc and Microsoft Corp fell. Tech, communication services and consumer discretionary indexes slipped. On the other side, banks, financials and industrials clinched new record levels.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU