U.S. Stocks Decline as Financials Drop Amid Bond RallyBy
U.S. stocks slid Friday as a drop in financial stocks offset gains in utilities as bonds advanced for a third time this week.
The S&P 500 Index lost 0.1 percent to 2,378.18 at 4 p.m. in New York, while the Dow Jones Industrial Average lost 20 points to 20,914.49. The S&P 500 ended the week 0.2 percent higher after the Federal Reserve raised rates without altering its forecast for further increases this year.
- Utility shares up 0.7% for biggest gain in S&P 500 as the 10-year Treasury yield dropped 4 basis points
- Financial stocks down 1.1%
- VIX reversed early decline to end higher
- Heavy volume amid quadruple witching and index rebalancing; about 9.5 billion shares traded hands, most so far this year
- Traders are pricing in a 54% chance that Fed officials will increase borrowing costs by June, Fed fund futures show
- S&P 500 up 3.7% in March, poised for its longest monthly winning streak since July
- Investors are also focusing on Treasury Secretary Steve Mnuchin, who will attend his first gathering of G-20 finance chiefs
- On Thursday, Mnuchin in Berlin repeated his view that the long-term strengthening of the dollar is in the best interest of the U.S. economy
- With the earnings season nearing its end, about three-quarters of S&P 500 firms that have reported results exceeded profit estimates and about half beat sales forecasts, according to data compiled by Bloomberg
- S&P 500 EARNINGS: none after-market Friday or pre-market Monday
- In Europe, stocks advanced to the highest level since December 2015
For more equity market news:
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.