Wall Street ends day virtually unchanged
U.S. stocks closed the day slightly lower following a volatile session as the New York Fed President William Dudley suggested that trimming the balance sheet wouldn't change the pace of rate hikes.
Following the comments, the 10-year Treasury yield rose to 2.38%, recording a daily gain of 1.7% and the US Dollar Index broke above 101 to a new three-week high. Additionally, despite the weak headline payrolls number, the underlying details were good enough to keep the Fed on track for further rate hikes.
The Dow Jones Industrial Average lost 6.85 points, or 0.03 percent, to 20,656.10, the S&P 500 slipped by 1 point, or 0.02%, to 2,356.9 and the Nasdaq Composite gained 0.33 point, or 0.01%, to 5,879.28.
Moreover, the market sentiment seems to be dented on the recent developments regarding the military action that the United States took earlier today in Syria. "We strongly condemn the illegitimate actions by the U.S. The consequences of this for regional and international stability could be extremely serious,” Russia's deputy U.N. envoy, Vladimir Safronkov, told a meeting of the U.N. Security Council on Friday, as per Reuters reports. Also, Russian Prime Minister Dmitry Medvedev added that the U.S. strikes were one step away from clashing with Russia's military.
Headlines from the U.S. session
- US Dollar Index rises late Friday and extends weekly gains
- Fed's Dudley: Rates will be primary policy tool
- US NFP: Fed still on track for a June rate hike - Wells Fargo
- Dollar resilient after weak jobs data - BBH
- US: Total nonfarm payroll employment edged up by 98,000 in March