Stocks wobble as S&P 500 records worst week since 2020
• The benchmark 10-year Treasury yield dropped by 9.3 basis points to 3.389%
US stocks wobbled on Friday, with the Dow erasing its gains during late trading hours, as investors weigh the impact of the Federal Reserve’s decision to hike the benchmark interest rate by 75 basis points.
The Dow Jones Industrial Average fell 38.29 points, or 0.1%, to close at 29,888.78. The Nasdaq Composite climbed 152.25 points, or 1.4%, to end at 10,798.35.
The S&P 500 rose 8.07 points, or 0.2%, to finish at 3,674.84, after seeing its worst weekly percentage drop since March 2020.
The yield on the benchmark 10-year Treasury note was down 8fell 6.5 basis points to 3.238%, after rising to its highest level since 2011 on Monday.
Stocks were volatile after the rate hike decision but jumped to session highs on Wednesday, as Fed Chairman Jerome Powell said during his afternoon press conference that, “either a 50 basis point or a 75 basis point increase seems most likely at our next meeting.”
Market sentiment soured once again after central banks around the globe adopted more aggressive policy stances.
Market movers
Shares of Revlon Inc. (NYSE: REV) surged 91.3% on reports that Indian conglomerate Reliance Industries was moving to buy the troubled cosmetics company. On Thursday the stock fell 13.3% after the company voluntarily filed for bankruptcy.
Shares of Tesla Inc (NASDAQ: TSLA), Amazon (NASDAQ: AMZN) and Netflix (NASDAQ: NFLX) rose nearly 3%.
In the energy sector, shares of Diamondback Energy (NASDAQ: FANG) and Devon Energy (NYSE: DVN) were trading down as crude prices fell, with Diamondback finishing 8.5% lower and Devon dropping 8.3%.
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