Wall Street ended the first week of the new year with daily and weekly losses as investors worried about a looming increase in US interest rates and developments around the spread of the mutant Omicron.
The Standard & Poor’s and Nasdaq indexes closed lower on Friday, as the latest US employment report fueled investor concerns about the Federal Reserve’s approach to raising interest rates to tackle inflation.
The luxury goods and technology sectors led the decline in the Standard & Poor’s 500 Index, on Friday, while the Standard & Poor’s 500 Index of financial and banking institutions extended the recent gains.
And the rise in US Treasury yields supported bank stocks. 10-year bond yields were at their highest since January 2020.
The Standard & Poor’s 500 index ended the trading session down 19.00 points, or 0.42 percent, at 4,676.51 points, while the Nasdaq Composite Index fell 146.29 points, or 0.98 percent, to 14,934.57 points. The Dow Jones Industrial Average fell 8.27 points, or 0.02 percent, to 36,228.20 points. (Archyde.com)
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