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Aug. 18, 2023 at 6:58 PM EDT
Bonds staged a little comeback on Friday.
Yields on longer-dated Treasurys retreated after settling at decade-plus highs the previous afternoon. The three major U.S. stock indexes closed mixed, but were all down for the week. Get the full markets recap here.
Surging borrowing costs have weighed on stocks and prompted a lot of companies to trim their future earnings expectations.
In the meantime, savers are rushing to reap the benefits of higher yields on Treasurys, money-market funds and even savings accounts, many of which are paying above 4%. Read more about that from the Journal’s Gunjan Banerji here.
As of around 4 p.m. ET:
Government bonds rallied. The 10-year U.S. Treasury yield fell back under 4.3%, after settling at the highest since November 2007. It still logged its fifth straight week of gains. Yields and prices move inversely.
Stock indexes were mixed. The Nasdaq lost about 0.2%. The S&P 500 was roughly flat while the Dow industrials were slightly higher.
Ross Stores led the S&P 500. The discount retailer ended up about 5% after posting better-than-expected earnings and boosting its financial outlook after Thursday’s closing bell.
Keysight Technologies and Deere & Co. fell after disappointing quarterly results.
Bitcoin declined. Selling pressure picked up after a long stretch of placid trading, with the digital currency recently trading around $26,000.
Oil prices pushed higher. Benchmark U.S. barrels rose back above $80.
Overseas stocks declined. Hong Kong’s Hang Seng Index lost more than 2%, falling into a new bear market, while stocks in Germany, the U.K. and France also declined.
-By Chelsey Dulaney and Ryan Dezember
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