March 19 Reuters The Nasdaq ended higher on Friday, lifted by Facebook and energy shares as U.S. Treasury yields took a break from a recent surge.
Reversing a recent trend, socalled growth stocks mostly outperformed value stocks viewed as likely to benefit most as the economy recovers from the coronavirus pandemic.
The yield on U.S. 10year notes, which has risen sharply in the past seven weeks on growth expectations, hovered near a 14month peak at 1.742.
What we see today is a more stable rate environment across the curve after multiple weeks of rising interest rates, and we are seeing some degree of reversal of leadership in the equity market, said Bill Northey, senior investment director at U.S. Bank Wealth Management in Minneapolis.
The SP 500 energy index followed the price of oil higher as it rebounded from a selloff earlier in the week related to a new wave of coronavirus infections across Europe.
The SP 500 banks index dropped after the U.S. Federal Reserve said it would not extend a temporary capital buffer relief put in place to ease a pandemicdriven stress in the funding market.
Banks have had such a significant up move this year and this news has only acted as a catalyst for profit taking, said Art Hogan, chief market…