Mixed Finish for US Stocks as Oil Prices and Bond Yields Weigh

The US stock market ended on a mixed note last week as investors weighed the impact of rising oil prices and bond yields. The S&P 500 inched up 0.2% but posted its second consecutive weekly loss, while the Dow Jones Industrial Average slipped 0.2%. The Nasdaq composite added 0.4%.

The majority of stocks on Wall Street fell as pressure from the bond market increased, with the yield on the 10-year Treasury climbing to 5% from 4.94% late Thursday. Higher yields make borrowing money more expensive and tend to undercut stock prices.

Rising oil prices have driven gasoline prices up to $4.47 per gallon, while diesel prices reached a record $6.45 per gallon. Steel maker Nucor reported an increase in profit from its steel mills business but fell short of analysts' expectations, causing its stock to drop 6.3%.

Asian markets performed better than their European counterparts, with South Korea's Kospi jumping 2.7% and Japan's Nikkei rising 1.4%. The Bank of Japan raised its benchmark interest rate in a widely expected move, up to its highest level in 31 years.