Major indexes reached records again on Friday after a tick up in bond yields helped lift bank stocks. The broad gains in the market were tempered by a so-so performance by technology stocks. Crude oil prices also slipped and weighed down energy companies, per the AP. The Dow rose 164 points to 34,200; the S&P 500 rose 15 points to 4,185, its fourth straight winning week, notes CNBC; and the tech-dominated Nasdaq rose 13 points to 14,052. “There's sort of a churning with regard to interest rates and in the market itself,” said Tom Martin, senior portfolio manager with Globalt Investments.
The market has seen both high-flying technology stocks and sectors beaten down by the pandemic taking turns leading the way higher over the last few months. That choppiness will likely continue as investors reevaluate their portfolios, Martin said. Investors continue to be focused on the global economic recovery. China’s economy expanded at a sizzling annual pace of 18.3% in the first quarter of the year, the government reported Friday. The world's second-largest economy contracted, as most of the world did, during the first months of the pandemic.
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