Stock market today: Wall Street closes out its 10th winning week in 11 with a mixed finish
Wall Street drifted to a mixed finish as it closed out its 10th winning week in the last 11
NEW YORK — Wall Street closed its 10th winning week in the last 11 with a mixed finish Friday following an encouraging report on inflation.
The S&P 500 edged up by 0.1% after earnings reporting season kicked off with mixed results from Delta Air Lines, JPMorgan Chase and others. The Dow Jones Industrial Average fell 118 points, or 0.3%, dragged down by a sharp loss for UnitedHealth Group following its results. The Nasdaq was basically flat and rose by less than 0.1%.
Stocks have been roaring toward records for months, pulling the S&P 500 within 0.3% of its all-time high, on hopes that inflation is cooling enough for the Federal Reserve to cut interest rates several times this year.
Treasury yields have already sunk in the bond market on those expectations, and they fell further after a report showed inflation at the U.S. wholesale level was weaker last month than economists expected. The data bolstered expectations for rate cuts a day after another report had shown inflation was warmer at the consumer level than expected.
The yield on the 10-year Treasury eased to 3.94% from nearly 4% just before the report’s release. In October, it was above 5% and at its highest level since 2007. Easier rates and yields relax the pressure on the economy and financial system, while boosting prices for investments.
The two-year Treasury yield, which more closely tracks expectations for the Fed, fell to 4.17% from 4.27% before the wholesale inflation report’s release. Traders rebuilt bets that the Federal Reserve will begin cutting interest rates in March, according to data from CME Group.
Traders are largely betting on the Fed cutting its main
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