Stocks closed mostly lower Friday, capping off a bruising week of losses as Treasury yields jumped and China’s mounting property woes gripped investors. The Dow Jones Industrial Average DJIA, +0.07% rose about 27 points, or 0.1%, ending near 34,501, according to preliminary FactSet data. The S&P 500 index SPX, -0.01% was nearly flat at 4,370 and the Nasdaq Composite Index COMP, -0.20% shed 0.2%, despite briefly turning positive late in the session.
Yields on the 10-year Treasury rose for a 5th week in the row, with the benchmark TMUBMUSD10Y, 4.246% rate briefly touching its highest level since November 2007, before settling back at 4.251% on Friday. China Evergrande’s EGRNF, Chapter 15 bankruptcy filing in New York late Thursday kept focus on the wobbling property market in the world’s second-largest economy. Earlier in the week, Country Garden Group missed a dollar-denominated debt payment.