Mixed US Stocks Close Out Bumpy Week Amid Rising Yields
US stocks are experiencing mixed trading on Friday as the week comes to a close. The S&P 500 has edged up 0.1%, while the Dow Jones Industrial Average slipped 21 points and the Nasdaq composite rose 0.3%. This comes after losses in Europe and gains for Asia, where the Bank of Japan raised its benchmark interest rate to 1.25% from 1.0%, a 31-year high.
The move was widely expected, following the Federal Reserve's decision to raise its key rate this week. The pressure on stocks has picked up again as yields rose in the bond market, with the yield on the 10-year Treasury climbing to 4.99% from 4.94%. Brent crude oil prices have also fallen, with a 0.5% drop to $104.31 per barrel.
In Asia, Japan's benchmark Nikkei 225 gained 1.4%, while South Korea's Kospi jumped 2.7%. The US dollar rose against the Japanese yen, and the euro cost $1.1486. Falling oil prices and easing pressure from the bond market are helping Wall Street shares.