Mainstream U.S. indices ended mainly higher on Friday, with some posting weekly gains, despite daily fluctuations on Wall Street as traders struggle to figure out the economy’s future.
The S&P 500 index gained 0.5 percent after fluctuating between 0.6 and 0.4 percent all day. A 0.4% gain for the Dow and a 0.2% loss for the Nasdaq
This week, the indices gained and lost practically every day. Investors are assessing the impact of Russia’s invasion of Ukraine on inflation and the global economy.
The S&P 500 gained 1.8% last week. It was up 6.2% last week. The Nasdaq and Dow have gained weekly for the last two weeks.
Bond yields soared. The 10-year Treasury yield rose to 2.48 percent late Thursday from 2.34 percent. Crude oil prices climbed slightly following a day of declines.
Trying to analyse the Federal Reserve’s actions, events in Russia-Ukraine, and then preparing for the first-quarter earnings season, said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management.
Stocks climbed 22.90 points to 4,543.06 A 153.30 point gain for the Dow and a 22.54 point loss for the Nasdaq.
A rise in small-cap stocks The Russell 2000 rose 2.54 points (0.1%) to 2,077.98.
The S&P 500 gained a lot from banks and energy stocks. Bond yields rose, boosting banks, which use higher yields to charge higher interest rates on loans. Bank of America gained 1.5%.
Technology stocks tumbled, halting market gains. Big tech companies have inflated values that tend to influence the broader market. Nvidia dipped 1.6%.
US benchmark crude oil increased 1.4% to $113.90 per barrel, while Brent crude, the international standard, rose 1.4% to $120.65. Globally, prices are still up 50% this year. Oil’s rise aided energy stocks. Exxon gained 2.2%.
OPEC’s oil prices have been erratic since February’s Russian-Ukrai Russia ranks second in crude exports. The battle has sparked concerns about a looming supply constraint, which could intensify continuously rising inflation.
The United States and Europe formed a collaboration Friday to reduce Europe’s dependency on Russian energy, further isolating Moscow. Russia has threatened to charge Europe for natural gas exports in rubles, a currency devalued by sanctions and other measures. Russia’s economy has been hit hard by government sanctions.
The Russian war has heightened worldwide concerns about increasing inflation and a probable slowdown in economic growth. According to a survey released on Friday, business confidence in Germany, Europe’s largest economy, fell dramatically in March.
Central banks, including the Federal Reserve, are raising interest rates to combat growing inflation exacerbated by Russia’s war in Ukraine. As significant global suppliers, Russia and Ukraine are both affected by the crisis.