US stocks close mixed as Dow notches record high

The blue-chip Dow powered to its fifth consecutive record high on Friday and the S&P 500 closed slightly higher as investors bought shares that should benefit from a strong reopening of the U.S. economy.

The Dow Jones Industrial Average rose 293.05 points, or 0.9%, to close at a record at 32,778.64. The S&P 500 erased earlier losses and inched up 0.1%, eking out a record close of 3,943.34. The Nasdaq Composite dropped 78.81 points, or 0.59%, to end at 13,319.87.

The Dow Jones Industrial Average jumped to another record high on Friday as rising reopening optimism continued to encourage the rotation into cyclical stocks. The tech-heavy Nasdaq dropped as the rising bond yields revived inflation worries and dulled the appeal of high-growth technology shares.

The 10-year Treasury yield jumped 10 basis points to 1.64% at its session high Friday, hitting its highest level since February 2020. The benchmark rate started 2021 at around 0.92%.

Meanwhile, the United States on Friday topped 100 million Covid-19 vaccine doses administered, according to data from the Centers for Disease Control and Prevention. About 35 million people have been fully vaccinated, accounting for 13.5% of the adult U.S. population, according to the CDC. Over 65.9 million people have received at least one shot of the two-dose regimens, the CDC said.

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