The Dow Jones Industrial Average and the S&P 500 ended higher Friday and the broader market notched weekly gains, capping a wild stretch for equity markets that was initially marked by a bout of uncertainty over the potential collapse of China property developer Evergrande. The outlook for the developer, with some $300 billion in debt, remains uncertain. Still, the Dow closed up 0.1% at around 34,798, the S&P 500 index finished up 0.2% higher at 4,455, logging weekly gains of 0.6% and 0.5%, respectively, FactSet data show. The Nasdaq Composite Index finished the day lower, of less than 0.1%, as the benchmark 10-year yield rose to around 1.45%, contributing to a 9 basis point jump for the benchmark debt and marking the largest weekly rate rise since March 19, Dow Jones Market Data show. The yield-sensitive Nasdaq Composite still managed to end the week in positive territory. On the data front, U.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday. In corporate news, Nike Inc. shares (NKE) fell about 6% after the sportswear maker reported quarterly sales that fell short of Wall Street expectations, and said wages and overhead expenses weighed on revenue. For the week, the energy sector (XLE) produced the best gain of the S&P 500's 11, rising 4.7%, while financials (XLF) rose 2.2%. On Wednesday, the Fed's Jerome Powell signaled that the central bank could soon end a key aspect of its market-supportive programs and aim to lift interest rates as early as 2022.
(END) Dow Jones Newswires
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