Stocks ended the week in upbeat fashion Friday as a rise in bond yields helped lift the shares of banks. The Dow rose 297 points to a record high of 33,800, the S&P rose 31 points to a record of its own at 4,128, and the Nasdaq rose 70 points to 13,900. Stocks have moved higher most of the week as investors weigh concerns about the virus tripping up a steady economic recovery against progress in vaccinations and business re-openings, per the AP. Bank stocks were among the better performers as a rise in bond yields translates into higher interest banks can charge to customers to borrow. Wells Fargo was up 1.4% and JPMorgan Chase was up 0.4% in afternoon trading.
The yield on the 10-year US Treasury note, which influences interest rates on mortgages and other loans, rose to 1.65% from 1.63% late Thursday. It had been as high as 1.75% on Monday. Most analysts expect inflation to increase as the economy improves. “We’re seeing some evidence of inflation creeping into market place, but it’s not problematic,” said Terry Sandven, chief equity strategist at US Bank Wealth Management.
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