- US
stocks closed mixed Friday, as investors continued to digest hawkish Fed minutes. - The 10-year Treasury yield hit a new 3-year high and stocks completed a losing week.
US stocks ended mixed on Friday to close out their worst week in a month. The 10-year Treasury yield climbed to its highest level in three years as investors react to a more aggressive approach signaled by the
Investors are still digesting the recent Fed minutes release, which suggested an even more hawkish policy approach than previously expected in order to combat inflation. The 10-year Treasury yield climbed about five basis points Friday to 2.7%, the highest since 2019.
Here's where US indexes stood as the market closed 4:00 p.m. on Friday:
- S&P 500: 4,488.28, down 0.27%
- Dow Jones Industrial Average: 34,721.12, up 0.4% (137.55 points)
- Nasdaq Composite: 13,711.00, down 1.34%
Top economist
Bank of America on Friday said that US consumers should expect to shoulder rising prices in the food sector, and that food price inflation will drag on through 2023. It raised Kroger's stock to a buy on the back of its rationale.
Meanwhile, the FDIC is warning banks about cryptocurrency risks, and the regulator wants firms to notify it about their activities in the space.
Overseas, Russian banks reported seeing a sharp uptick in business clients opening accounts in China's yuan instead of dollars or euros, according to a March survey.
Separately, Russia's
Oil inched higher, with West Texas Intermediate up 2.16% to $98.10 a barrel. Brent crude, the international benchmark, rose 2.15% to $102.74 a barrel.
Gold edged up 0.41% to 1,945.80 per ounce. The 10-year yield rose 0.07% to 2.719%.
Bitcoin dropped 1.48% to $42.843.40.