S&P 500 Slips as Treasury Yields Climb, Index Set for Weekly Loss
Stocks retreated Friday even after a Thursday rally that followed the Federal Reserve's first rate hike in three years, according to CNBC.
The S&P 500 fell on Friday as Treasury yields rose, putting the benchmark index on track for a losing week, CNBC reported.
The decline came a day after major U.S. stock averages advanced during Thursday's regular trading session, according to the report. That rally followed the Federal Reserve's decision on Wednesday to raise interest rates for the first time in three years, CNBC said.
CNBC's live markets coverage did not provide additional details in the excerpt reviewed, including specific point or percentage moves for the S&P 500, the scale of the rise in Treasury yields, or commentary from market strategists on the reversal from Thursday's gains to Friday's losses.
The report characterized the week's trading as volatile, with the market's early-week optimism following the rate decision giving way to renewed pressure from higher bond yields by week's end, according to CNBC.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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