The main US stock indices (except Nasdaq) fell on Friday and posted weekly losses, weighed down by the rising US Treasury bonds.
The 10-year US Treasury yield rose 1.6% today, crossing this barrier for the first time in more than a year.
US Federal Reserve Chairman Jerome Powell stressed during his semi-annual testimony before the Senate Banking Committee that employment and inflation rates are still far from the Fed’s goals.
However, Powell expects an improvement this year in tandem with progress in Covid-19 vaccination.
Data revealed that the US personal consumption expenditures index rose 1.5% in January, and the personal income jumped 10%, in the largest monthly spike since April 2020.
To the oil market, WTI crude April futures fell 3.2% or $3.02, and closed at $61.50 a barrel, with a weekly gain of 3.8% and a monthly gain of 17.8%, after hitting a day high of $63.5 and a low of $61.7.
Brent April futures fell 1.1% or 75 cents, and closed at $66.13 a barrel, and posted weekly gains of 5% and monthly gains of 20%, after hitting a high of $66.9 and a low of $65.7.
As for stocks, Dow Jones fell 1.5% or 469 points, and closed at 30,932, with weekly losses of 1.8%, but posted monthly gains of 3.2%, a day high of 31,450, and a low of 30,911.
S&P 500 slipped 0.5% 18 points to 3,811, and posted a weekly loss of 2.8%, but posted a monthly gain of 2.6%, after hitting a high of 3,861 and a low of 3,789.
Nasdaq rose 0.5% or 73 points to 13,192, and registered 4.9% weekly loss, but logged a monthly gain of 0.9%, with a high of 13,368 and a low of 13,024.
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