Stocks Finish Mixed; Yields Drop From Year Highs: Markets Wrap
- Oil rises as U.S. deep freeze hurts domestic crude output
- Dollar strengthens for a second day versus most major peers
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U.S. stocks were mixed and Treasury yields retreated from a one-year high as investors weighed the outlook for economic growth and inflation.
The benchmark 10-year Treasury yield briefly climbed as high as 1.33% before paring its increase. The S&P 500 Index finished little changed, while the Nasdaq Composite slumped. Chevron Corp. led energy shares higher after Berkshire Hathaway Inc. revealed an increased stake. The Dow Jones Industrial Average closed at a record high. Companies that may have difficulty justifying stretched valuations if rising inflation dents profits bore the brunt of selling -- high-flying tech shares among them.