NEW YORK (AP) – U.S. stocks rise toward the end of their record week on Friday, even though other financial markets remain undecided.
The S&P 500 rose 0.6% and recouped most of its two consecutive days of gains. losses since reaching its all-time high. The Dow Jones Industrial Average was up 388 points, or 0.8%, as of 12:47 p.m. Eastern Time, and the Nasdaq Composite Index was up 0.6%.
These measures were tentative, as oil prices continue to fluctuate due to uncertainty over when they will be traded. the war with Iran will allow the global energy industry to return to normal. The price of a barrel of Brent rebounded between 102.50 and 105 dollars in the morning and recently settled at 104.15 dollars, down 0.1%.
Treasury yields have fluctuated the bond market following their own sudden moves earlier in the week. The 10-year Treasury yield recently stood at 5.24%, up from 5.22% Thursday evening.
It recently reached its highest level since 2002 amid concerns over high levels inflationthe American government massive debtindicates that the The US economy continues to grow and other factors.
AP AUDIO: US stocks rise towards end of record week
Stocks soar to new records.
High yields threaten to slow the economy by making borrowing more expensive for everyone and the average 30-year fixed rate mortgage has already reached its highest level in almost three years.
Yields are also climbing in other bond markets around the world, making investors less willing to pay high prices for stocks and other investments. But high yields have attracted investors to recent Treasury auctions, and that demand is helping to limit further increases in yields.
On Wall Street, Humana rose 12.5% and contributed to the rise in the US stock market despite pressure from the oil and bond markets. The insurer said it received encouraging data on its quality ratings compared to competitors for Medicare Advantage plans.
Companies that own cell towers also led the market, including jumps of 13.5% for Crown Castle and 7.9% for American Tower.
They rallied after SpaceX announced a purchase that could help it become a major mobile operator in the United States. It still needs approval from U.S. regulators, but SpaceX said purchasing low-band spectrum would give its Starlink Mobile business a signal that can pass through walls and connect customers inside buildings who might not be able to access its satellites. SpaceX stock rose 1.2%.
The threat of another major competitor sent stocks lower across the wireless sector, including declines of 12.5% for T-Mobile US, 10% for AT&T and 10.1% for Verizon.
Delta Air Lines lost 1.2% after reporting weaker summer profits and revenue than analysts expected. CEO Ed Bastian said demand remains strong and customers want to travel, but the airline also must absorb a $6 billion increase in fuel costs this year.
The pressure is on companies as a whole to deliver strong profit growth after their stock prices hit record highs despite falling high bond yields. Next week, high-profile earnings reports will be released Tuesday from the nation’s biggest banks, including Citigroup, JPMorgan Chase and Wells Fargo.
Expectations are high for corporate profits, even as Americans report feeling even more squeezed by high inflation. A preliminary report from the University of Michigan said Friday that U.S. consumers are increasing their own expectations for the extent of inflation in the coming year.
They expect inflation of 4.7%, compared to 4.6% a month ago and only 3.4% in February, before the start of the war with Iran. Consumer confidence is falling sharply toward Americans with lower incomes and smaller stock investments, who can least afford the rapidly rising cost of living.
In foreign stock markets, indices rebounded in Europe with gains of at least 1% in France, Germany and the United Kingdom.
Asian markets were more mixed. Japan’s Nikkei 225 finished almost unchanged, while Hong Kong’s Hang Seng jumped 1.8%.
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AP Business Writers Michelle Chapman and Elaine Kurtenbach contributed to this report.
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