NEW YORK — Wall Street racked up more losses Friday to close out its worst week in a month.
The S&P 500 fell 1.3% for a 4th straight drop. The Dow Jones Industrial Average sank 286 points, or 0.9%, and the Nasdaq composite toppled 1.5%.
The stock market hasactually been havingahardtime under the weight of the bond market, where the yield on the 10-year Treasury briefly topped 5% late Thursday for the veryfirst time consideringthat 2007, according to Tradeweb. High yields make loaning more pricey for everybody, and they sluggish the economy while dragging on costs for stocks and other financialinvestments.
The yield on the 10-year Treasury was hanging within a hair of 5% early Friday earlymorning, before lateron relieving back to 4.91%. It’s been typically capturing up to the Federal Reserve’s primary interest rate, which is currently above 5.25% and at its greatest level consideringthat 2001.
Yields swung a day earlier after financiers took remarks from Federal Reserve Chair Jerome Powell to suggest the main bank won’t raise its primary interest rate at its next conference Nov. 1. But monetary markets are less sure about what the Fed will do after that, and the main bank has stated its upcoming moves will depend completely on how inflation and the task market act.
The Fed hasactually raised its overnight interest rate at a furious rate in hopes of suffocating high inflation, which hasactually come down from its peak last summertime. But a increase in oil costs is threatening to include more up pressure. Crude rates stayed unpredictable amidst concerns about war in the Middle East.
A barrel of standard U.S. oil fell 62 cents to settle at $88.75. It’s