Stock Market News
Markets capped a four-day losing streak on Friday afternoon, as investors continued to grapple with the interest rate projections announced by the Federal Reserve earlier this week.
The Dow Jones Industrial Average declined by 107 points, or 0.3%. The S&P 500 fell 0.2% and the Nasdaq Composite ticked down 0.1%.
The Dow ultimately ended the week 1.9% lower. The pain extended to the S&P and the Nasdaq: the two indexes each fell for the third week in a row, sliding 2.9% and 3.6%, respectively.
While yields backed off slightly Friday, they remained elevated. The 10-year yield, a key barometer for the economy, dipped 0.041 percentage points to settle at 4.438%, its second-highest level in 2023. The 30-year yield, which reached 4.521%, also marked its second-highest level so far this year.
Meanwhile, strikes to continued to dominate headlines in the labor market. The United Auto Workers union expanded its strike to 38 General Motors (ticker: GM) and Stellantis (STLA) parts-distribution facilities, but avoided a larger fallout at Ford Motor (F).