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US stocks end mixed on Friday

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The Dow Jones Industrial Average skidded to a close below the 31,000 milestone Friday, while the Nasdaq Composite settled higher as Big Tech names rebounded.

The Dow Jones Industrial Average tumbled 469.64 points, or 1.5%, to finish at 30,932.37, after touching a session low at 30,911.37 as Wall Street struggled to shake off fears of rapidly rising rates.

The S&P 500 lost 18.19 points, 0.5%, to close at 3,811.15 as energy and financial stocks pulled back. The Nasdaq Composite Index added 72.91 points, or 0.6%, to 13,192.34 as Big Tech names rebounded after a large sell-off in the previous session amid surging bond yields. Facebook, Microsoft and Amazon each rose more than 1%.

The 10-year Treasury yield fell 10 basis points to around 1.42% Friday, after surging above 1.6% at one point on Thursday. Rising yields make bonds more attractive to investors relative to stocks.

Fresh federal data released Friday showed that U.S. consumer spending increased 2.4% in January after household incomes jumped 10%, mainly on the latest round of stimulus checks.

Trade data showed that the U.S. trade deficit in goods widened to $83.7 billion in January from a revised $83.2 billion in the prior month, the Commerce Department said Friday. Imports of goods, such as consumer electronics, rose 1.1% to $218.9 billion in January. Goods imports were up 8.2% compared with a year earlier. Exports rose 1.4% to $135.2 billion, but were down 0.7% compared with one year ago.

The University of Michigan's final read on its February consumer sentiment index came in at 76.8 in February from 79 in prior month.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, February 27 2021. 11:19 IST
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