Stocks open mostly lower, with S&P 500 turning negative for week
Posted On April 22, 2022
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Stocks were trading modestly lower after the opening bell Friday, with the S&P 500 turning negative for the week as Treasury yields push to levels last seen in late 2018. An early rally for equities on Thursday turned into a rout after Federal Reserve Chairman Jerome Powell signaled that a half-point rate hike was “on the table” in May and, moreover, indicated the potential for further half-point moves in future meetings, saying that “front-end loading” of rate moves might make sense. The Dow Jones Industrial Average DJIA, -0.89% was down 211 points, or 0.6%, while the S&P 500 was off 0.4% and the Nasdaq Composite lost 0.1%. The S&P 500 was on track for a 0.4% weekly fall, while the Nasdaq was off 1.3% for the week and the Dow was holding on to a 0.3% gain.