Nasdaq, which had its worst week since October, ended the month roughly 1 per cent higher while the S&P 500 posted a monthly gain of about 2.6 per cent.— Reuters picNEW YORK, Feb 27 — The tech-heavy Nasdaq index rallied in choppy trading on Friday, even as sentiment remained fragile after the index’s worst performance in four months the day before as fears of rising inflation kept US bond yields near a one-year high.
Shares of Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc rose between 0.2 per cent to 1.4 per cent on Friday but had their worst week in months due to a sharp rise in US Treasury yields. “There’s no question that the path in rates today is higher,” said Andrew Mies, chief investment officer at 6 Meridian.
“There are a few tailwinds for stocks that we shouldn’t lose sight of,” Mies said, citing President Joe Biden’s US$1.9 trillion economic aid package before Congress. On the economic front, the latest data showed US consumer spending increased by the most in seven months in January but price pressures remained muted.