S&P 500, Dow Hit Record as Tech Shrugs Off Wobble After Yield Rise Eases By Investing.com – Investing.com

S&P 500, Dow Hit Record as Tech Shrugs Off Wobble After Yield Rise Eases By Investing.com – Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 and Dow hit records again Friday as tech found its footing after yields gave back some their inflation-induced gains, while financials were led higher by banks ahead of their quarterly earnings next week.

The rose 0.25%, after hitting a record high of 4,108.38 he rose 0.28%, or 93 points and earlier rose to an all-time high of 33,654.15. The was up 0.14%.

The Labor Department said Friday its for final demand increased 1% last month, a two-month high and above economists' forecasts for 0.5%.

The latest signs of inflation, boosted , and briefly exerted pressure on growth sectors like tech. The spike in yields ran out of steam, helping tech clawback losses as the Federal Reserve has persistently downplayed the risk of runway inflation. The 10-year yields hit a of 1.687% but fell to about 1.648%.

"[T]here would be upward pressure on prices [from supply chain bottlenecks] that may be passed onto the consumer ... but we think that the effect would be temporary," Fed Chairman Jerome Powell said at virtual IMF panel discussion on Thursday.

 

“The rising costs that consumers will likely have to bear will not be repeated as the supply