US stocks fall as investors shed risk going into weekend
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Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
NEW YORK - Wall Street stocks declined on Friday, as investors looked to lower their risk going into the weekend amid surging bond yields and conflict between Israel and Hamas militants in Gaza.
The yield on the 10-year US Treasury briefly rose this week to a level not seen since 2007, as investors reacted to prepare for a longer period of high interest rates.
The Federal Reserve has raised rates to cool demand and bring down stubborn inflation.
At the same time, markets are warily eyeing ongoing conflict in the Middle East, for signs it could spread to other countries.
The Dow Jones Industrial Average lost 0.9 per cent to end the week at 33,127.28.
The S&P 500 Index slipped 1.3 per cent to 4,224.16, while the tech-heavy Nasdaq Composite Index declined 1.5 per cent to 12,983.81.
“Going into the weekend there is a downward trend as short-term investors try to square positions,” Mr Jack Ablin, Cresset Capital’s chief investment officer, told AFP.
“There is an unwillingness from certain investors (to) hold risk positions over the weekend,” he added.
Among individual stocks, credit card company American Express lost 5.4 per cent after missing some forecasts in its third quarter results.
Shares in solar equipment maker SolarEdge Technologies tumbled 27.3 per cent after cutting its guidance for the third quarter, blaming slower installation of its products in Europe. AFP
