US stocks trade mixed as the Dow caps off its worst week since March

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., February 6, 2020.

Lucas Jackson/Reuters

US stocks finished mixed on Friday, with the Dow completing its worst week since March.
The S&P 500 and Nasdaq Composite both notched their third consecutive week of declines.
Meanwhile in Hong Kong, the Hang Seng Index closed in bear market territory amid China concerns. 

US stocks traded mixed to close Friday’s session, as each of the major indexes capped off losing weeks amid a spike in bond yields.

The Dow lost more than 2% for the week, completing its worst week since March, while the S&P 500 and Nasdaq Composite both saw their third straight losing weeks. 

The weekly declines came as the 10-year US Treasury yield on Thursday hit the highest level since 2007 on signs the Federal Reserve remains concerned about inflation and is open to more rate hikes.

Meanwhile in Hong Kong, the Hang Seng Index entered bear market territory as traders have been responding to fears about China’s economy and property sector.

Chinese government data in recent weeks has revealed deflation, softening trade, and an unsteady housing sector. On Thursday, China Evergrande, the world’s most heavily indebted developer, filed for Chapter 15 bankruptcy protection. 

Here’s where US indexes stood as the market closed at 4:00 p.m. on Friday: 

S&P 500: 4,369.71, down 0.01%Dow Jones Industrial Average: 34,500.66, up 0.07% (25.83 points)Nasdaq Composite: 13,290.78, down 0.20%

Here’s what else is going on: 

America’s favorite weight loss drugs are impacting Denmark’s currency and interest rates.Stocks are nearing a perfect “buy the dip” opportunity, according to Fundstrat’s Tom Lee.Texas electricity prices soared 6,000% with the next heat wave expected to shatter records.The $1 trillion of high yield debt that’s piled up over the last five years is about to have a “day of reckoning,” Bank of America said.Bitcoin plunged more than 10% after Elon Musk’s SpaceX reportedly sold the crypto.The surge in bankruptcy filings this year isn’t as scary as it sounds.

In commodities, bonds, and crypto: 

Oil prices climbed, with West Texas Intermediate up 1.01% to $81.20 a barrel. Brent crude, the international benchmark, inched 0.76% higher to $84.76 a barrelGold edged up 0.13% to $1,917.70 per ounceThe 10-year yield ticked down 5 basis points to 4.255%Bitcoin tumbled 6.49% to $26,065.

Read the original article on Business Insider

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