Wall Street edges up in bumpy end to brutal week

Wall Street edges up in bumpy end to brutal week

The benchmark S&P 500 closed at 2,581.08, about 10.2% below its closing high of 2,872.87 on January 26.

USA stocks ended sharply lower on Thursday as the rise in yields continued to weigh on the market.

"Is the bond market telling us something we don't know?"

The broad-based S&P 500 dropped 3.75 percent to 2,581.00, while the tech-rich Nasdaq Composite Index tumbled 3.9 percent to 6,777.16.

During Friday's session, the S&P 500 briefly broke below its 200-day moving average, a closely watched technical level, before rising.

Also, the percentage of Main Street investors expecting stocks to fall reached a three-month high in the American Association of Individual Investors' weekly survey.

Equities for years have looked relatively attractive compared to the low yields offered by bonds, but the rise in Treasury yields has diminished the lure of stocks, especially with stock valuations at historically expensive levels. But the index lost almost 5 percent for the week as the markets focused on rising interest rates, inflation and ballooning government debt. The country's 10-year yield almost surpassed a four-year high of 2.885 percent in the morning trading Thursday, a level that helped trigger a global sell-off in equity markets on Monday.

The Dow Jones industrial average was down about 340 points, or 1.4 percent, the S&P 500 down 31 points, or 1.2 percent, and the Nasdaq index down 118 points, or 1.7 percent.

All 11 major S&P sectors finished lower, with financials .SPSY and technology .SPLRCT the worst performing groups.

The S&P 500 ended the week almost 9 percent below the all-time high set just two weeks ago.

Many are bracing for more wild swings ahead as the Cboe Volatility index is holding at twice its level from a week ago.

Spreadbetters expected Europe markets to start lower, forecasting an 0.8 percent drop for FTSE, and declines of 0.2 percent for Germany's DAX and France's CAC.

About 10.5 billion shares changed hands in US exchanges, well above the 8.2 billion daily average over the last 20 sessions.

The S&P 500 posted no new 52-week highs and 32 new lows; the Nasdaq Composite recorded 24 new highs and 113 new lows.

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