NEW YORK — Stocks are opening lower on Wall Street after closing at a series of record highs. The S&P 500 fell 0.3% in the early going Friday, but is still holding on to a gain for the week. The Nasdaq composite fell 0.2%. The Dow Jones Industrial Average, which has been lagging the rest of the market all week, lost another 152 points. France’s stock market lost 2.5%, bringing its losses for the week to 6%.
“Even if the BOJ wants to convey that the direction of travel is for tightening, the key guiding principle is gradualism,” Tan Jing Yi at Mizuho Bank said in a commentary. “Fact is, underlying economic confidence is at best fragile if not fraught.” Elsewhere in Asia, Australia's S&P/ASX 200 fell 0.3% to 7,724.30. South Korea's Kospi edged up 0.1% to 2,758.42. Hong Kong's Hang Seng slipped 0.9% to 17,941.78, while the Shanghai Composite rose 0.1% to 3,032.63.
High interest rates have been dragging on some parts of the economy, particularly manufacturing. A separate report on Thursday showed more U.S. workers filed for unemployment benefits last week than economists expected, though the number is still low relative to history.
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