Stocks drift lower in quiet trading
NEW YORK — An early stock market advance was gone by the early afternoon on Friday as the market flattened after six days of gains.
Trading was quiet, with many investors on vacation.
Bond yields continued to rise, with the 10-year Treasury note climbing above the 3 percent mark.
The yield hasn't consistently traded above that level since July 2011.
Keeping score: The Dow Jones industrial average lost a point to close at 16,478. The Standard & Poor's 500 index was down less than a point at 1,841. The Nasdaq composite edged down 10 points, or 0.3 percent, to 4,156.
Higher rates: The yield on the 10-year Treasury note rose to 3.01 percent from 2.99 percent on Thursday. Bond yields have steadily climbed since Dec. 18, when the Federal Reserve announced it will pare back its bond-buying economic stimulus program.
‘Road to normal': “Interest rates are on a road back to normalcy after being artificially suppressed by the Fed,” said Karyn Cavanaugh, market strategist with ING U.S. Investment Management. Cavanaugh said she expects the yield on the 10-year note to rise to about 3.5 percent by the end of 2014.
GM recalls: General Motors fell 50 cents, or 1 percent, to $41.03. The company said it will have to recall 1.5 million cars in China to replace a bracket that secures a fuel pump.
Twitter stalls: Twitter fell $6.61, or 9 percent, to $66.70. The social media giant has soared in recent days, prompting one Wall Street analyst to downgrade the company's stock to the equivalent of “sell,” saying the rally is overdone. Even with Friday's sell-off, the company's stock is up 63 percent this month.
Winding down: There are only three trading days left in 2013, and most of Wall Street remains on vacation for the Christmas and New Year's holidays.
Volume for the past three trading days has been very low. There were no major economic reports or corporate earnings scheduled on Friday.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Cash stash bolsters U.S. Steel
- Sales, profit fall at retailer American Eagle Outfitters
- Dick’s beats expectations, but golf sinks profits
- Designer sues Barnes & Noble over backpack profits
- Kennametal’s CEO to retire at yearend
- Sprint cancels Framily, rolls out new data pricing plan
- HTC to construct Windows version of flagship phone
- Lifeshel founders design ‘Whistl’ to deter sexual assault
- Milk producer to ax disputed ingredient
- Former Microsoft CEO Ballmer exits board of directors
- Housing starts jump 15.7% to 8-month high, suggesting recovery back on track