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HomeTrading RoomS&P 500 Gains On Friday But Still Anticipates Weekly Loss

S&P 500 Gains On Friday But Still Anticipates Weekly Loss

Even though the S&P 500 rose on Friday, the market was still expected to close the week with significant losses.

The Nasdaq Composite increased by 0.5% while the broader market index increased by 0.3%. The Dow Jones Industrial Average fluctuated in a flat pattern.

Investors responded to a signal from the Federal Reserve that it wanted to keep interest rates higher for longer by making those moves, which came after a three-day losing skid for all three stock averages. These high levels can put pressure on risky investments like stocks.

This week, the S&P 500 and the heavily weighted Nasdaq Composite in terms of technology are down 2.5% and 3.1%, respectively, and are on pace to have their worst weekly performances since March. It would also be their third straight bad week. On a weekly basis, the blue-chip Dow has decreased 1.6%.

After the central bank predicted one more rate increase for 2023, bond yields skyrocketed. The benchmark 10-year Treasury yield increased by 15 basis points to reach its highest level since 2007 at 4.498%. The 2-year rate also surpassed 5.2%, reaching its highest point since 2006.

Source (CNBC)

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