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US markets ended without direction on Friday, at the end of a week marked by rising bond rates.
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Wall Street ended in dispersed order a volatile week marked by the rise in bond rates and the decisions of the US Central Bank. The Dow Jones dropped 0.71% to 32,627.97 points. The Nasdaq, which had suffered its biggest fall in three weeks the day before, rebounded 0.76% to 13,215.24 points. The S&P 500 dropped 0.06% to 3,913.10 points. Reversing a recent trend, so-called growth stocks have largely outpaced yield stocks, considered likely to benefit the most from the economic recovery after the coronavirus pandemic. The yield on 10-year US bonds, which has risen sharply over the past seven weeks due to growth forecasts, has remained near a 14-month peak at 1.742%.
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Facebook ended up 4.12%, the biggest upside contribution from the Nasdaq and S&P 500, after Mark Zuckerberg said impending changes to Apple’s privacy policy on ad sales would leave the social network in a “stronger position”.
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