by Stephen Culp
NEW YORK (Reuters) – The New York Stock Exchange ended lower on Thursday as rising bond yields weighed on tech stocks and investors faced mixed earnings and economic indicators.
The Dow Jones index fell -0.33%, or 113.36 points, to 34,451.23 points.
The broader S&P-500 fell 54 points, or -1.21%, to 4,392.59 points.
The Nasdaq Composite fell for its part by 292.51 points (-2.14%) to 13,351.08 points.
All three major US stock indices posted weekly losses before closing for “Good Friday”.
“It’s a combination of lingering concerns that are still there,” said Ryan Detrick, head of market strategy at LPL Financial. “The earnings season has been mixed so far, and that, coupled with high inflation and the Fed’s ‘hawkish’ attitude, has led to some selling ahead of this long weekend.”
Rising bond yields weighed on growth stocks, pushing the S&P 500 and Nasdaq into negative territory, while the Dow Jones posted a more modest loss.
“Higher yields put pressure on growth stocks because their net present value is affected when yields rise,” Ryan Detrick said.
A slew of economic data showed soaring gasoline prices helped retail sales beat consensus and prompted the biggest rise in import prices in nearly 11 years.
VALUES
In values, Twitter ended in the red after the proposal by Elon Musk, the boss of Tesla, to buy the social network for just over 41 billion dollars (37.9 billion euros).
The big American banks, such as Goldman Sachs, Citigroup, Morgan Stanley and Wells Fargo published mixed results marked by lower profits in the first quarter but above Wall Street expectations.
(With Saqib Ahmed in New York, Bansari Mayur Kamdar and Devik Jain in Bangalore, French version Camille Raynaud)
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