Dow closed up 137.55 points, bond yield boosts bank stocks

[Fathi RD]

Dow closed up 137.55 points, bond yield boosts bank stocks

The Dow New York Stock Exchange closed higher on Friday (Apr on the back of a rally in banking stocks that have tumbled in recent times, but the S&P 500 closed lower after trading rallied. fluctuate While investors are still concerned that The US Federal Reserve (Fed) will pursue a more aggressive monetary policy to curb inflation.

The Dow Jones Industrial Average closed at 34,721.12, up 137.55, or +0.40%, the S&P 500 closed at 4,488.28, down 11.93, or -0.27%, and the Nasdaq closed at 13,711.00, down 186.30, or -1.34%.

But in this week The Dow was down 0.28%, the S&P500 was down 1.16 percent and the Nasdaq was down 3.86% as markets were hampered by concerns that the Fed's prospects for a sharp interest rate hike would slow the economy.

Seven of the 11 S&P500 stocks closed higher, with energy up 2.76 percent but tech down 1.43 percent and were the worst performer.

Banking shares rose 1.18 percent after falling to a 13-month low on Thursday. Banking stocks were boosted as the yield on the 10-year U.S. Treasury hit a three-year high of 2.73 percent.

Major bank stocks that are sensitive to interest rates rose accordingly. JPMorgan Chase jumped 1.8 percent, Bank of America Corp rose 0.7 percent, Citigroup rose 1.7 percent and Goldman Sachs rose 2.3 percent.

Major US banks will begin reporting first-quarter results next week. which is expected to report lower earnings from the previous year

Shares of Tesla, India and Alphabet fell 1.9-4.5 percent, pressured by rising bond yields.

The NYSE FANG+TM Index, which includes Amazon.com and Apple, fell 1.76 percent and the semiconductor group lost 2.42 percent.

Among the top gains were Kroger Co, which jumped 2.99% after it was upgraded to its investment recommendation. Robin Hood Markets Inc shares fell 6.88% after Goldman Sachs downgraded its investment recommendation.

The key US economic data released on Friday are: The U.S. Department of Commerce reported that wholesale inventories rose 2.5 percent in February from month to month. And it beat analysts' forecast of 2.1%, after rising 1.2 percent in January.

year on year Wholesale inventories rose 19.9 percent in February, while wholesale sales rose 1.7 percent after rising 5.0 percent in January.

It will also take business owners 1.21 months to run out of stock, up from 1.20 months in January.