Wall Street's three major indexes have declined as investors worried
about a jump in US bond yields, with technology stocks leading the
decline on nerves about upcoming earnings reports and iPhone demand.
The
technology index was the biggest drag on the S&P 500 on Friday with
a 1.5 per cent drop after registering three straight days of losses
ahead of a key earnings week for the sector.
The Dow Jones Industrial Average fell 202.09 points, or 0.82 per cent, to 24,462.8, the S&P 500 lost 22.98 points, or 0.85 per cent, to 2,670.15 and the Nasdaq Composite dropped 91.93 points, or 1.27 per cent, to 7,146.13.
Despite Friday's decline the S&P eked out a gain of 0.5 per cent for the week to show its second weekly gain in a row.
Equity investors were jittery as the 10-year Treasury yield reached its highest level since January 2014 as a bond sell-off continued for a second day, driving the yield curve steeper after two weeks of flattening.
Benchmark 10-year notes last fell 12/32 in price to yield 2.9583 per cent, from 2.914 per cent on Thursday.
The Dow Jones Industrial Average fell 202.09 points, or 0.82 per cent, to 24,462.8, the S&P 500 lost 22.98 points, or 0.85 per cent, to 2,670.15 and the Nasdaq Composite dropped 91.93 points, or 1.27 per cent, to 7,146.13.
Despite Friday's decline the S&P eked out a gain of 0.5 per cent for the week to show its second weekly gain in a row.
Equity investors were jittery as the 10-year Treasury yield reached its highest level since January 2014 as a bond sell-off continued for a second day, driving the yield curve steeper after two weeks of flattening.
Benchmark 10-year notes last fell 12/32 in price to yield 2.9583 per cent, from 2.914 per cent on Thursday.
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