Stocks wavered Friday afternoon, taking some of the glow off of an upbeat week driven by post-Fed optimism.
Indexes are sitting on large weekly gains. The Dow closed at a record Thursday, aided by Wednesday’s dovish messages from the Federal Reserve. On Friday afternoon, however, they were faintly in the red for the session.
The benchmark 10-year Treasury yield was little-changed, trading below 4% for a second straight day.
In early afternoon action:
Major indexes were mixed. The tech-heavy Nasdaq was about flat. The Dow industrials and S&P 500 edged lower.
Treasury yields held below 4%. The benchmark 10-year yield was little changed, after settling on Thursday below 4% for the first time since July.
U.S. PMIs showed a growing services economy. The S&P flash U.S. services PMI rose to a five-month high of 51.3 in November, from 50.8 the prior month. Manufacturing PMI fell to a four-month low.
Costco rallied. The wholesaler was up 4% after reporting earnings that beat expectations. Shares of Boeing were rising for an eighth straight day.
European government debt rallied. German and Italian yields dropped after surveys of eurozone economic activity undershot expectations. The Stoxx 600 index rose to a new 52-week high.
Stocks in Asia were mixed. Hong Kong’s Hang Seng Index jumped 2.4%, even as mainland Chinese stocks sank.
