Tech Rises as Treasury Yields Retreat From Peak: Markets Wrap
- Banking shares weighed on Dow after Fed lets aid expire
- European stocks slumped; dollar was mostly little changed
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Technology shares closed higher and Treasury yields retreated from the highest levels of the day as investors weighed the risk of inflation with economic growth accelerating.
The S&P 500 edged lower in the last minutes of trading to close just in the red, while lenders weighed on the Dow Jones Industrial Average after the Federal Reserve let a capital break for big banks expire. The decision had also triggered a spike in 10-year Treasury yields earlier in the day. Facebook Inc. helped the tech-heavy Nasdaq 100 recover from Thursday’s slump. Traders were whipsawed at the end of trading amid quadruple witching, a major expiration of options and futures contracts that often exacerbates swings in asset prices.