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By Staff Reporters
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Bond yields, which impact borrowing costs for all kinds of loan products, moved higher this week as investors fretted over higher-for-longer interest rates. After notching a 16-year-record earlier this month, the yield on the 10-year Treasury bond continued to surge on Thursday, rising to 4.958%.
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Here is where the major benchmarks ended:
- The S&P 500 Index was down 36.60 points (0.9%) at 4,278.00; the Dow Jones Industrial Average (DJI) was down 250.91 points (0.8%) at 33,414.17; the NASDAQ Composite was down 128.13 points (1.0%) at 13,186.18.
- The 10-year Treasury note yield was up about 9 basis points at 4.988%.
- CBOE’s Volatility Index (VIX) was up 2.09 at 21.31.
Powell’s speech and Treasury yields at least partly overshadowed earnings reports from a few major companies, including Netflix (NFLX), whose shares soared 16% after the company reported stronger-than-expected quarterly results.
Otherwise, most areas of the market eroded, with consumer discretionary and real estate among the weakest-performing sectors. Energy shares held up somewhat better as crude oil futures rose for the fifth day in the past six and ended near a three-week high above $89 a barrel.
Gold futures jumped 1% and closed near a three-month high.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Funding Basics, Investing | Tagged: bond yields, bonds, CBOE, DJIA, DOW, energy, gold, inflation, Netflix, NFLX, NSDAQ, oil, Powell, real estate, Russell 2000, S&P 500, VIX |
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