Stocks ended lower on Wall Street Friday and Treasury yields rose as investors anticipated the Federal Reserve will stay on course to raise interest rates as soon as March.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell. The yield on the 10-year Treasury hit its highest level since COVID-19 began pummeling markets at the start of 2020.
If the Fed does raise rates, it could help corral the high inflation sweeping the world. But it would also mark an end to the conditions that have put financial markets in “easy mode” for many investors.
The S&P 500 fell 19.02 points, or 0.4%, to 4,677.03.
The Dow Jones Industrial Average fell 4.81 points, or less than 0.1%, to 36,231.66.
The Nasdaq fell 144.96 points, or 1%, to 14,935.90.
The Russell 2000 index of smaller companies fell 26.56 points, or 1.2%, to 2,179.81.
For the week:
The S&P 500 is down 89.15 points, or 1.9%.
The Dow is down 106.64 points, or 0.3%.
The Nasdaq is down 709.07 points, or 4.5%.
The Russell 2000 is down 65.50 points, or 2.9%.