The bond market swung as investors built bets that the Federal Reserve may hike interest rates soon to get the nation’s high inflation under control.
U.S. stocks, meanwhile, dipped Friday but not by much after economists said a speech by Chairman Kevin Warsh helped strengthen faith that the Fed will do what’s needed to bring inflation down, even if it causes pain for the economy in the short term.
On Friday:
The S&P 500 fell 19.23 points, or 0.2 percent, to 7,711.76.
The Dow Jones Industrial Average fell 9.45 points, or less than 0.1 percent, to 53,559.99.
The Nasdaq composite fell 138.93 points, or 0.5 percent, to 26,402.42.
The Russell 2000 index of smaller companies fell 41.97 points, or 1.4 percent, to 2,972.37.
For the week:
The S&P 500 is up 37.39 points, or 0.5 percent.
The Dow is up 282.98 points, or 0.5 percent.
The Nasdaq is up 221.97 points, or 0.8 percent.
The Russell 2000 is down 45.50 points, or 1.5 percent.
For the year:
The S&P 500 is up 866.26 points, or 12.7 percent.
The Dow is up 5,496.70 points, or 11.4 percent.
The Nasdaq is up 3,160.43 points, or 13.6 percent.
The Russell 2000 is up 490.46 points, or 19.8 percent.
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