Mixed Markets: Dow Tumbles 234 Points, Tech Shares Rally

Markets closed mixed on Friday with the Dow Jones Industrial Average (DJIA) losing 234 points, a loss of 0.71%. After briefly trading in positive territory, the S&P 500 (SPX) closed slightly lower, down 2 points at 3,913. Meanwhile, the tech heavy Nasdaq Composite Index (COMP) gained 99 points, or 0.76%, closing Friday’s session at 13,215.

The U.S. dollar index (DXY) gained 0.08 at 91.94 despite the yield on the 10-year Treasury bond closing 0.015 higher at 1.726%. Yields have been creeping higher as investors bet increasingly on inflationary pressures in the future as the Federal Government offers $1.9 trillion in stimulus and the Fed promises to keep rates low for the foreseeable future.

Gold Gains, Closes Above $1740

Gold traded higher by 0.54% to $1,741.80 an ounce, crossing through the key 1740 level. Silver lost 0.25% ending the session at $26.285. Palladium, which has been rallying amid supply concerns, lost $44.30 an ounce, ending the session at $2618.50.

Financial Stocks Trade Lower

- Advertisement -

Financial stocks including Goldman Sachs (GS) down 1.09% at $344.20, JP Morgan Chase (JPM) down 1.59% at $155.14, Morgan Stanley (MS) down 1.19% at $82.94, Bank of America (BAC) down 1.05% at $38.53, and Wells Fargo (WFC) down 2.89% at $39.63 per share, were all under pressure. The government will once again improve specific credit requirements for the banks that had been eased during the pandemic in an effort to assist with liquidity.

Meanwhile, in an editorial for the Wall Street Journal, the chairman of the Federal Reserve Jerome Powell again assured investors that the Central Bank will provide aid to the economy, “for as long as it takes.”

Visa (V), a dow component, traded down almost 6.24%, losing $13.76 a share to end at $206.90 on news that the company is being investigated by the Department of Justice for potential anti-trust violations over its debit-card practices.

- Advertisement -

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Get The Full Story From Me

Conservative Media is under attack from Big Tech. Please join my 100% FREE NEWSLETTER.

  • https://chrt.fm/track/23284G/traffic.omny.fm/d/clips/5e27a451-e6e6-4c51-aa03-a7370003783c/d93acfd6-a015-4c06-8697-ad42013d1e7d/a3d19ac6-dc96-485b-826d-ae80002084cd/audio.mp3