by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended slightly higher on Friday with the exception of the Nasdaq Composite, driven largely by banking stocks thanks to a rise in the yield on the 10-year Treasury note, to more than 2.5%.
The Dow Jones Industrial Average gained 0.44%, or 153.3 points, to 34,861.24 points.
The broader S&P-500 gained 22.9 points, or 0.51%, to 4,543.06 points.
On the other hand, the session was marked by a decline in stocks in the technology sector and the Nasdaq Composite fell 22.54 points (-0.16%) to 14,169.30 points.
Over the past week, the S&P 500 gained 1.79%, the Dow 0.31% and the Nasdaq 1.98%.
Bond yields continue to benefit from statements by US Federal Reserve Chairman Jerome Powell, who said on Monday that the Fed could, if necessary, decide to act more aggressively to counter a sustained acceleration in inflation.
Equity markets are pricing in a sharper rise in rates, notes Keith Buchanan, portfolio manager at Globalt Investments in Atlanta, which is leading banking stocks to outperform and weighing on the riskiest elements of the market, such as stocks. technology and growth stocks, he says.
Utilities groups, considered defensive stocks, also rose in this environment.
(written by Jean-Stéphane Brosse)
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