Major indexes are mostly higher in afternoon trading on Wall Street Friday as a tick up in bond yields helped lift bank stocks.
The broad gains in the market were tempered by technology stocks falling, which has typically happened when bond yields move higher. Crude oil prices also slipped and weighed down energy companies.
The S&P 500 was up 0.2% as of 12:54 p.m. Eastern, on track for its fourth weekly gain in a row. The Dow Jones Industrial Average was up 84 points, or 0.3% to 34,120 and the technology-heavy Nasdaq fell 0.1%.
Bond yields were moving higher after falling earlier in the week. The yield of the 10-year Treasury note rose to 1.57% from 1.53% late Thursday. However bond yields are down from the highs they hit earlier in the month, when the 10-year note traded at a yield of 1.75%.
“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.
Technology stocks were modestly lower. Apple fell 0.5% and Facebook was down 0.8%.