NUSADAILY.COM -NEW YORK- Stocks on the New York Stock Exchange, Wall Street, United States, opened mixed in Friday morning trading local time, after a major stock market setback in the previous session.
Shortly after the opening bell, the Dow Jones Industrial Average declined 73.90 points, or 0.22 percent, to 32,788.40. The S&P 500 added 0.76 points, or 0.02 percent, to 3,916.22 and the Nasdaq Composite Index gained 49.95 points, or 0.38 percent, to 13,166.12.
Eight of the 11 major sectors of the S&P 500 Index suffered setbacks in morning trade, with the financial sector down 1.5 percent to lead the decliners. Meanwhile, communications services rose 0.3 percent, becoming the best performing group.
Investors are cautious as U.S. bond yields remain high. The yield on the benchmark 10-year bond, an early intermediary for inflation projections, hovered around 1.74 percent on Friday morning, to a 14-month high. Rising bond yields can make high-growth stocks look less attractive to stock investors.
On Thursday, Wall Street’s main index average closed lower with the Nasdaq Index slumping three percent, as investors pulled out of high-floating stocks, especially well-known technology stocks, amid U.S. interest rate concerns. (sak)