Stocks finished mixed Friday as Wall Street weighed signs of recovery for the U.S. economy against a slide in high-risk assets such as Bitcoin.
The world’s largest cryptocurrency resumed a decline Friday after China reiterated it intends to crack down on cryptocurrency mining.
The Dow Jones Industrial Average finished up 123 points, or 0.36%, to 34,207, the S&P 500 declined 0.08% and the Nasdaq fell 0.48% after trading higher during the morning.
For the week, the Dow fell 0.5%, the S&P 500 ticked down 0.4% and the Nasdaq rose 0.3%.
Boeing (BA) – Get Report finished up 3.2% Friday following reports that the Chicago aerospace giant was preparing to boost production of its flagship 737 MAX aircraft.
Stocks finished higher Thursday, snapping a three-day string of losses, after data showed the number of Americans filing for first-time unemployment benefits fell last week to a pandemic low of 444,000.
A report from IHS Markit on Friday said U.S. economic activity surged in May, while factory output hit a record. Businesses and factories roared back to life amid state reopenings and vaccine rollouts.
Discussions on Wall Street have continued to revolve around the potential for rising price pressures as the economy rebounds from the coronavirus pandemic.
That, in turn, has investors concerned that higher prices for everything from food to gasoline to building products will force the Federal Reserve to rein in its economic support.
Treasury yields fell Friday, with the benchmark 10-year Treasury note trading at 1.627%. Bond markets have remained relatively stable amid faster-than-expected readings on consumer and factory gate prices.
Bitcoin resumed a selloff on Friday, falling to about $36,122, after China said it would be cracking down on mining and trading of the world’s largest cryptocurrency.
In an official statement, China said it was necessary to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”
“It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal financial activities,” said the statement from Chinese Vice Premier Liu He and the State Council.
Foot Locker’s (FL) – Get Report first-quarter adjusted earnings beat analysts’ estimates thanks to a surge in same-store sales as shoppers returned from pandemic-triggered closures. The stock finished up 2%.