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U.S. stocks were mixed on Friday as stubbornly high inflation and a rebound in rates continue to weigh on investor sentiment.
The Dow Jones Industrials prospered 129.84 points to close Friday and the week at 33,826.69. The 30-stock index rallied from lows of the day boosted by shares of Amgen --- up on the day 2.7%, and United Health, which gained 2.4%
The S&P 500 retreated 11.32 points to 4,079.09.
The NASDAQ Composite moved backward 68.56 to 11,787.27.
Stocks are trending down for the week. The Dow is down 0.9% for the week. The 30-stock index is on pace for its third negative week in a row — a first since September. The NASDAQ is down 0.02% for the week. Meanwhile, the S&P 500 is down 0.9%.
Energy was the biggest laggard across indexes. Albemarle doffed 9.7% and Devon Energy lost 4.3%, dragging down the S&P 500.
Stocks are mixed on the week. The Dow ended down 0.1% for the week, its third negative week in a row — a first since September. The S&P 500 has shed 0.3% for the week, its second negative week in a row. The NASDAQ rose 0.6% on the week.
Investors continue to worry about how the economy and equities will hold up as the Federal Reserve hikes rates to tame stubbornly high inflation. In a Friday speech, Federal Reserve Governor Michelle Bowman said there’s a long way to go before the central bank reaches its target of 2% inflation.
The moves came after major averages shed more than 1% on Thursday, after the U.S. Labor Department said the producer price index — an inflation metric that tracks wholesale prices — rose 0.7% last month. That was more than economists expected.
Prices for the 10-year Treasury inched higher, lowering yields to 3.81% from Thursday’s 3.86%. Treasury prices and yields move in opposite directions.
Oil prices decreased $2.21 cents to $76.28 U.S. a barrel.
Gold prices fell $1.10 to $1,850.70 U.S. an ounce.
