Stock market today: Wall Street closes its worst week in the last 3 with a quiet finish
CTV
Stocks edged higher on Friday, but not by enough to keep Wall Street from closing out its first losing week in the last three.
Stocks edged higher on Friday, but not by enough to keep Wall Street from closing out its first losing week in the last three.
The S&P 500 ticked up 6.35 points, or 0.1%, to 4,457.49 after falling for three straight days. It lost 1.3% for the week, which was shortened by the Labor Day holiday.
The Dow Jones Industrial Average rose 75.86, or 0.2%, to 34,576.59, and the Nasdaq composite added 12.69, or 0.1%, to 13,761.53.
Those indexes also fell for the week because of worries that a too-warm economy will push the Federal Reserve to keep interest rates high for longer. Traders ratcheted back expectations for cuts to rates next year by the Fed, after reports showed the U.S. economy remains resilient despite much higher rates and struggles for other economies around the world.
Such data have pushed yields higher in the bond market, which hurts stock prices. But yields held relatively steady on Friday, helping to keep Wall Street quiet.
The yield on the 10-year Treasury inched up to 4.26% from 4.25% late Thursday. The two-year Treasury yield, which more closely tracks expectations for the Fed, rose to 4.97% from 4.95%.
Companies are basically done with reporting their earnings results for the spring, but a few on Friday made some of the largest moves.