US: Stocks mostly fall to conclude mixed week

WALL Street stocks finished mostly lower on Friday to conclude a mixed week pressured by worries over more interest rate hikes.

The yield on the 10-year US Treasury note inched lower, but stood within striking distance of four per cent after inflation reports earlier in the week lifted yields.

The rise has come as Federal Reserve officials talked up the need for more interest rate increases in recent days.

“It isn’t just Fed expectations that are rising, traders are also expecting the (European Central Bank) to send rates much higher,” said Oanda’s Edward Moya.

“It looks like global growth will definitely take a harder hit as monetary policy gets even more restrictive over the next few months,” he added.

The Dow Jones Industrial Average ended up 0.4 per cent at 33,826.69.

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The broad-based S&P 500 declined 0.3 per cent to 4,079.09, while the tech-rich Nasdaq Composite Index shed 0.6 per cent to 11,787.27.

Stocks have been volatile this week as investors weigh hopes of a “soft landing” from a period of elevated inflation against worries that central bank actions could prompt a serious recession.

Among individual firms, Deere & Company jumped 7.5 per cent after reporting higher profits and offering an upbeat assessment of its market, with “low machine inventories” boosting demand for agriculture equipment. AFP