US stocks trade mixed as investors assess COVID-19 surge in Europe

US stocks trade mixed as investors assess COVID-19 surge in Europe

US stocks ended the last trading day of the week mixed as investors assessed the COVID-19 surge in Europe and its impact on the global economic recovery. The S&P 500 finished flat after the benchmark index closed at an all-time high in the previous session as corporate earnings continued to impress investors. The Dow Jones Industrial Average edged lower while the tech-heavy Nasdaq-100 hit an all-time high, outperforming both indexes. COVID-19 cases are surging in Europe, prompting Austria to announce Friday it will go into by next week and introduce mandatory vaccinations. Meanwhile, some parts of Germany closed non-essential businesses. The Netherlands, for its part, has ordered restaurants, shops, and bars to close early. "Europe is a key part of the global economic recovery and that will remain a major headwind for US equities if more countries go into lockdown mode," Edward Moya, senior equity analyst at Oanda, said in a Friday note. US stocks have climbed steadily as corporate earnings surpass Wall Street's expectations despite supply chain disruptions and inflationary pressures. Bond yields staying low have also made stocks more attractive to investors. On Friday, the yield on 10-year Treasury fell to 1.545% compared to Thursday's 1.586%. Bond yields