The Dow Jones Industrial Average DJIA, +0.39% and the S&P 500 SPX, -0.17% ended higher Friday and the broader market notched weekly gains, capping a wild stretch for equity markets that was initially marked by a bout of uncertainty over the potential collapse of China property developer Evergrande. The outlook for the developer, with some $300 billion in debt, remains uncertain. Still, the Dow closed up 0.1% at around 34,798, the S&P 500 index finished up 0.2% higher at 4,455, logging weekly gains of 0.6% and 0.5%, respectively, FactSet data show. The Nasdaq Composite Index COMP, -0.51% finished the day lower, of less than 0.1%, as the benchmark 10-year yield TMUBMUSD10Y, 1.481% rose to around 1.45%, contributing to a 9 basis point jump for the benchmark debt and marking the largest weekly rate rise since March 19, Dow Jones Market Data show. The yield-sensitive Nasdaq Composite still managed to end the week in positive territory. On the data front, U.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday. In corporate news, Nike Inc. shares NKE, -0.91% fell about 6% after the sportswear maker reported quarterly sales that fell short of Wall Street expectations, and said wages and overhead expenses weighed on revenue. For the week, the energy sector XLE, +3.65% produced the best gain of the S&P 500's 11, rising 4.7%, while financials XLF, +1.33% rose 2.2%. On Wednesday, the Fed's Jerome Powell signaled that the central bank could soon end a key aspect of its market-supportive programs and aim to lift interest rates as early as 2022.
