Market Recap: U.S. Stocks Close Mixed
The U.S. stock market closed mixed on Friday, with the Dow Jones Industrial Average leading the way in its biggest weekly drop since October. Interest rates in the bond market rose ahead of the Federal Reserve’s upcoming policy meeting next week.
Dow Jones Industrial Average
- The Dow fell 86.06 points on Friday, or 0.2%, closing at 43,828.06.
- This marked the seventh consecutive day of decline for the Dow, its longest stretch of daily losses since February 2020.
S&P 500
- The S&P 500 slipped less than 1 point, finishing about flat at 6,051.09.
Nasdaq Composite
- The Nasdaq Composite rose 23.88 points, or 0.1%, to end at 19,926.72.
Weekly Performance
- The Dow dropped 1.8% for the week.
- The S&P 500 retreated 0.6%.
- The Nasdaq gained 0.3%.
- The Dow saw back-to-back weekly declines.
Bond Market Update
- The yield on the 10-year Treasury note rose to 4.398% on Friday.
- This marked the largest weekly rise since October 2023.
- The Federal Reserve will kick off a two-day meeting on monetary policy next week, with a decision on interest rates expected on December 18.
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In this comprehensive market recap, we see the Dow Jones Industrial Average experiencing its longest streak of daily losses in nearly two years. The rise in bond market interest rates ahead of the Federal Reserve’s policy meeting next week has created uncertainty in the market.
The S&P 500 remained relatively flat, while the Nasdaq Composite showed modest gains. Despite the mixed performance, the overall trend for the week was one of decline for the major indices.
The bond market saw a significant increase in the yield on the 10-year Treasury note, indicating potential concerns about inflation and the Fed’s upcoming decision on interest rates. Investors will be closely watching the outcome of the Fed’s meeting next week for insights into future monetary policy.
This market recap highlights the interconnected nature of various financial markets and the importance of staying informed about economic indicators and central bank decisions. As investors, it is crucial to monitor these developments and adjust investment strategies accordingly to navigate changing market conditions and protect financial assets.