US Stock Market ends the week with minor decline against last weeks rally
These concerns caused a selloff for the market on government bonds, attracting investors away from high-growth stocks such as tech. This led to the reduction of financial stocks, ending with all three of the major financial indexes on the negative compared to last week.
Dow Jones Industrial Average dropped down by 234.33 points or 0.71% from yesterday. This is also 0.5% lower compared to their last week’s performance. S&P 500 also lost 2.36 points or 0.06% from Thursday’s results, and is 0.8% lower versus their last week’s. On the other hand, NASDAQ bounced back a bit from yesterday’s result, where they ended increasing about 99.07 points or 0.76%.
Bank stocks are also dwindling after the Fed announced the end of the reprieve given to them last year. Citigroup dropped down to $73.01, or by 1.1%. Bank of America reduced to $38.53, or is down by 1.1%. JPMorgan Chase fell $2.51 or is lower by 1.6%.
While the major market suffered a setback, the Treasury’s’ yields are getting better. The 10-year Treasury advanced by 12 points or 1.73% which was mostly from Thursday’s events. This still remains to be its peak value since January of last year.
Below is a quick summary of today’s market session:
• Dow dropped by 0.71%
• S&P 500 slipped by 0.06%
• NASDAQ upped by 0.76%
• 10-year Treasury yield gained 1.73%
• Shanghai down by 1.69%
• Euronext 100 declined by 0.67%
As for the world stock market, China’s Shanghai slipped by 58.40 or 1.69% down to 3,404.66, while Europe’s Euronext 100 fizzled declined about 7.9 points or 0.67% to 1,176.57. According to experts this has been expected since the delay for the COVID-19 vaccine rollout is being considered by most investors.
Meanwhile, under commodities, Gold advanced by 2.20 points and ended at 1,743.90, while Silver moved up by 0.01 points to 26.34. Oil also bounced back by 0.07 points and ended 61.51.
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