Breaking News Bar
updated: 12/27/2013 3:48 PM

Stocks end day mostly flat in quiet trading

hello
Success - Article sent! close
  • Filipino traders cheer in front of the electronic board Friday during the last day of trading this year at the Philippine Stock Exchange in the financial district of Makati, south of Manila, Philippines. The Philippine Stock Exchange index rose to a record high of 7,403.65.

      Filipino traders cheer in front of the electronic board Friday during the last day of trading this year at the Philippine Stock Exchange in the financial district of Makati, south of Manila, Philippines. The Philippine Stock Exchange index rose to a record high of 7,403.65.
    Associated Press

 
Associated Press

NEW YORK -- Wall Street's six-day rally stalled out on Friday as stocks ended the day mostly flat in quiet trading.

Bond yields continued to rise. The yield on the 10-year Treasury note climbed above the 3 percent mark. The yield hasn't consistently traded above that level since July 2011. The increase will translate into higher interest rates on mortgages and other kinds of loans.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Energy stocks were among the biggest gainers after oil prices climbed above $100 a barrel for the first time since October. Offshore oil drilling companies Transocean and Diamond Offshore each rose about 1.5 percent. Oil giant ExxonMobil climbed 1 percent.

Sprint jumped 83 cents, or 8 percent, to $10.79 following news reports that Japan's Softbank, which owns Sprint, may use the company as a vehicle to purchase wireless competitor T-Mobile.

Most of Wall Street remains on vacation. Trading volume has been very low this week. Only 2 billion shares changed hands on the New York Stock Exchange on Friday, about 40 percent below the recent average.

There were no major economic reports or corporate earnings Friday.

The Dow Jones industrial average closed down 1.47 points, or 0.01 percent, to 16,478.41.

The Standard & Poor's 500 index fell 0.62 point, or 0.03 percent, to 1,841.40 and the Nasdaq composite was down 10.59 points, or 0.3 percent, at 4,156.59.

Even with Friday's pause, the stock market has been in rally mode heading into the end of the year. The Dow and S&P 500 are up 2.4 percent and 2 percent respectively so far in December, with only two trading days left in the year. For 2013, the S&P 500 is up roughly 29 percent, its best year since 1997, and the Dow is up 25.8 percent, its best year since 1996.

In the bond market, the yield on the 10-year Treasury note rose to 3 percent from 2.99 percent Thursday.

Bond yields have steadily climbed since Dec. 18, when the Federal Reserve announced it was paring back its bond-buying program. The purchases were aimed at keeping long-term interest rates low to encourage borrowing and hiring.

"Interest rates are on a road back to normalcy after being artificially suppressed by the Fed," said Karyn Cavanaugh, market strategist with ING U.S. Investment Management. Cavanaugh said she expects the yield on the 10-year note to rise to about 3.5 percent by the end of 2014.

In corporate news:

General Motors was also among the bigger movers Friday, falling 58 cents, or 1 percent, to $40.94. The automotive giant said it would have to recall 1.5 million cars in China to replace a bracket that secures a fuel pump.

Twitter fell $9.56, or 13 percent, to $63.75. Twitter has soared in recent days, prompting one Wall Street analyst to downgrade the company's stock to the equivalent of "sell," saying the rally was overdone. Even with Friday's sell-off, the social media company's stock is still up 53 percent this month.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here