The S&P 500 index was up 0.3% as of 2:21 p.m. Eastern, after having been down 0.4% in the early going. The Dow Jones Industrial Average rose 76 points, or 0.2%, to 34,783 and the Nasdaq fell 0.4%.
Bond yields rose significantly. The yield on the 10-year Treasury jumped to 2.48% from 2.34% late Thursday. That helped lift banks, which rely on higher yields to charge more lucrative interest on loans. Bank of America rose 1.3%. Crude oil prices gained ground after slipping earlier. The price for U.S. benchmark crude oil rose 0.6% and Brent crude, the international standard, rose 0.8%. Prices are still up about 50% globally for the year.
The U.S. and Europe announced a partnership Friday to reduce the continent’s reliance on Russian energy in hopes of further isolating Moscow for its aggression. Russia has threatened to make Europe pay for natural gas exports in rubles, which has seen its value gutted because of sanctions and other actions. Russia’s economy has been battered as governments cut it off from international banking and commerce.
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Source: CNBC - 🏆 12. / 72 Read more »