Stocks open mixed after bond rout sparks worst week in a month


U.S. stocks started Friday’s session TK after lurching lower over the past few days as bond yields spiked. The Dow Jones Industrial Average
dipped 35 points, 0.1%, to open near 31,367, while the S&P 500
gained 14 points, 0.4%, and traded near 3,843. The Nasdaq Composite
added 113 points, 0.9%, opening near 13,233. Bonds have sold off as traders grow uneasy about the pace of economic recovery, and the central bank’s commitment to supporting markets. As yields rise, many stocks, especially pricey ones in growth-oriented sectors, become less attractive. The tech-heavy Nasdaq is on track for its worst week since October. Strong personal spending data out Friday morning confirmed that fiscal spending is flowing through to the economy. That’s helping companies like Shake Shack Inc.
which on Thursday reported a quarterly loss that was lower than analysts had expected.


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