Some businesses cut hours, services and staff, or closed altogether. But many have survived beyond their expectations.
The tech-heavy Nasdaq composite had been down 1.4% before clawing back and closing up 15.79 points, or 0.1%, to 12,977.68. The Russell 2000 index of smaller stocks outdid the rest of the market, climbing 48.86 points, or 2.3%, to 2,183.12. The market has been mostly tumbling in place recently, with support for stocks coming from expectations that the economy will soar soon thanks to COVID-19 vaccinations and huge amounts of spending by Washington. A quick rise in interest rates has undercut stocks at the same time, though.
Yields in the Treasury market rose Thursday, but at a modest pace after the 10-year yield surged above 1.70% last week, its highest level since before the pandemic started. The 10-year Treasury yield, which helps set rates for all kinds of loans, rose to 1.63%, from 1.61% late Wednesday.eased to its lowest level since before the pandemic erupted a year ago. Another report said the U.S. economy grew at a faster pace at the end of 2020 than earlier estimated.
Big Tech stocks swung back and forth in earlier trading and were nearly evenly split within the broader S&P 500 index. Microsoft fell 1.3%, while Hewlett Packard Enterprise rose 3.9%. Netflix dropped 3.4% and Facebook lost 1.2%.
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