Wall Street had a mixed day on Friday, with the Dow up but technology stocks down. For the day, the Dow rose 293 points to another record close of 32,778; the S&P 500 ticked up 4 points to 3,943; and the Nasdaq, which is heavy on tech stocks, fell 78 points to 13,319. It was the usual cast of characters in technology who were moving lower on Friday, per the AP. In afternoon trading, Apple was down 1.1%, Facebook was down 2.7%, Google's parent company fell 2.9%, and Microsoft lost 2%. These big technology companies soared last year as investors bet that pandemic-quarantined Americans would spend even more time online. But as the pandemic eases this year, and bond yields rise, more expensive stocks such as these have struggled.
The bond market was the dominant force in pushing stocks mostly downward. After remaining stable for most of the week, the yield on the 10-year Treasury note jumped to 1.62% from 1.52% a day earlier. Investors had sold off stocks late last week after that yield crossed above the 1.60% mark. “Bond investors are trying to determine how much future growth is in the economy and what that means for inflation,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It could be over the course of this year or the next couple in terms of trying to find the right level.”
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