Mixed Week for US Stocks as Rate Hike Concerns Linger
The US stock markets closed the week mixed on Friday following the Fed's first rate hike in three years. The Standard and Poor's 500 index rose by 0.16% to 7,650.16 points, while the Dow Jones Industrial Average fell by 0.19% to 51,681.51 points.
Investors remain nervous about additional rate hikes, but Scott Welch, chief investment officer at Certuity, believes that the pressure on US Treasury yields will continue to be up. He anticipates that oil prices, currently hovering around $100 a barrel, will remain elevated for the next few months.
The dollar weakened against nearly every major currency on Friday, except for the Japanese yen. The euro and British pound both strengthened against the dollar, while the Australian dollar posted a solid session. Asian markets provided a counterweight to the mixed US performance, with most indices closing higher.