by Johann M Cherian and Noel Randewich
(Reuters) – The New York Stock Exchange ended in disarray on Friday as investors worried that the US Federal Reserve (Fed) would continue its tight monetary policy.
The Dow Jones Industrial Average gained 0.39%, or 129.84 points, to 33,826.69 points.
The broader S&P-500 lost 11.32 points, or 0.28%, to 4,079.09 points.
The Nasdaq Composite fell for its part by 68.56 points (-0.58%) to 11,787.27 points.
The statistics published recently highlighted persistent inflation in the United States, a still tight job market and solid consumer spending, all good economic factors that could allow the Fed to continue raising its rates.
Traders now expect at least two more rate hikes and a peak of 5.3% by July.
“The jobs numbers aren’t faltering and it’s hard to go into a recession when the job market is strong, which means the Fed could keep raising rates,” said Jake Dollarhide, chief executive. of Longbow Asset Management, Tulsa, Oklahoma.
In stocks, Microsoft, Nvidia and Amazon fell, weighing on the S&P 500, as the yield on 10-year Treasury bills hit a three-month high.
Moderna fell after announcing that its experimental messenger RNA flu vaccine had not been shown in a study to be at least as effective as an existing vaccine against a strain of the disease.
Markets will be closed on Monday in the United States due to Presidents Day.
(With contributions from Sruthi Shankar; French version Camille Raynaud)
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