Stocks Post First Weekly Loss in 6 Weeks

U.S. stocks closed lower on Friday, with the Dow Jones industrial average and the Standard & Poor’s 500 posted their first negative week in six weeks, as rising Treasury yields and the prospect of next week’s Fed rate meeting made investors cautious. The Dow industrials dropped 61.49 points, or 0.36%, to 16,987.51. The S&P 500 was down 11.91 points, or 0.60%, to 1,985.54. The Nasdaq Composite fell 24.21 points, or 0.53%, to 4,567.60.

U.S. Treasuries yields rose on Friday, with benchmark yields posting their biggest weekly increase in over a year. Benchmark 10-year U.S. Treasury notes were last down 22/32 in price to yield 2.61 percent. That yield was slightly below a session high of nearly 2.62 percent, the highest since July 8.

The Thomson Reuters/University of Michigan preliminary overall index on consumer sentiment for September came in at 84.6, the highest since July 2013 and beating the consensus expectation in a Reuters poll of economists for a reading of 83.3.

The Federal Reserve will drop its promise to keep rates near zero for a “considerable time” after it ends its bond-buying program, paving the way for a first Fed rate hike in June 2015, a top Wall Street economist predicted on Friday.

The number of people wielding scissors over their cable cord is growing, although they are still a fraction of overall viewers. Some 2.9% of pay TV consumers are “very likely” to cancel their pay TV in the year ahead, rising for the fourth consecutive year, according to data released Thursday by consulting firm Frank N. Magid Associates.

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