Stocks ended mixed on Friday as technology stocks came under renewed pressure. Treasury yields resumed their march higher.
The Dow set a fresh record high and added nearly 300 points, or 0.9%. The S&P 500 also narrowly eked out a record closing high. Bitcoin prices (BTC-USD) closed in on the all-time high the cryptocurrency set last month of more than $58,000.
The Nasdaq underperformed and dropped 0.6%, but came off session lows. Despite Friday’s drop, the index managed to end a three-week losing streak after gaining earlier on in the week. On Thursday, it ended higher by 2.5%. But the move lower on. Friday came alongside a tick higher in Treasury yields, as concerns over fast-rising inflation and a near-term tightening of monetary policy from the Federal Reserve lingered.