Markets Right Now: Weeklong stock market rally fizzles out
NEW YORK (AP) — The latest on developments in financial markets (all times local):
A weeklong rally on the stock market is fizzling out as major U.S. indexes wobble between small gains and losses.
A day earlier, the S&P 500 index reached a record closing high. The Dow Jones Industrial Average was edging closer to its own all-time high Friday.
Banks climbed as long-term bond yields rose, which makes it easier for banks to charge higher interest rates on mortgages and other kind of loans.
Wells Fargo and Citigroup each rose 1%
The price of oil continued to climb and was up more than 9% for the week.
The S&P 500 rose 1 point to 2,955. It’s up 7.4% so far in June.
The Dow Jones Industrial Average rose 68 points, or 0.2%, to 26,821. The Nasdaq dipped 9 points, or 0.6%, to 8,042.
The stock market is taking a breather Friday, a day after the S&P 500 index rose to a record high.
The commodities and bond markets are also tame compared with Thursday, when oil jumped more than 5% and the yield on the 10-year Treasury note fell below 2% for the first time since 2016.
The markets have been reacting to signs the Federal Reserve is willing to cut interest rates if the U.S. economy slumps and heightened tensions between the U.S. and Iran.
The S&P 500 slipped 4 points, or 0.1 percent, to 2,950.
The Dow Jones industrials fell 10 points to 26,742. The Nasdaq dipped 26 points, or 0.3%, to 8,025.
Bond prices fell. The yield on the 10-year Treasury rose to 2.04%. Oil rose slightly.