U.S. stocks stalled Friday, sending major indexes to weekly losses following one of the busiest periods of the first-quarter corporate earnings season. Stocks struggled for traction at the start of the week, pressured by selling in government bonds that pushed the yield on the 10-year U.S. Treasury note above 3% for the first time since January 2014. A string of mixed earnings reports weighed on the stock market. The Dow Jones Industrial Average fell 11 points, or less than 0.1%, to 24,311 on Friday. The S&P 500 edged up 3 points, or 0.1%, to 2,670, and the Nasdaq Composite added 1.12 point, or less than 0.1%, to 7,119.80. All three indexes posted weekly losses, with the Dow industrials losing 0.6%, the S&P 500 shaving off less than 0.1% and the Nasdaq falling 0.4%. With more than half of S&P 500 firms having posted first-quarter results, the broad index is on track to post year-over-year earnings growth of 23% for the latest quarter, according to FactSet estimates. That has helped reassure investors that corporate profits remain on solid footing. Although many warn that stock gains could stall, especially if bond yields continue their recent climb. The US gold price was up overnight by 0.5% to finish at 1,322.60 US$/oz.
Argonaut | The Natural Choice in Resources.
© 2024 Argonaut.