Stock market today: Wall Street slumps again as it closes its worst week in a month
Wall Street is closing out its worst week in a month with more losses on Friday.
The S&P 500 was 0.6% lower in afternoon trading and on track to break a two-week winning streak. The Dow Jones Industrial Average was down 114 points, or 0.4%, as of 1:28 p.m. Eastern time, and the Nasdaq composite was 0.8% lower.
The stock market has been struggling under the weight of the bond market, where the yield on the 10-year Treasury briefly topped 5% late Thursday for the first time since 2007, according to Tradeweb. High yields make borrowing more expensive for everyone, and they slow the economy while dragging on prices for stocks and other investments.