Wall Street’s best week since April is taking its first breather, and stocks are mixed on Friday following their big rally on enthusiasm about the upside of potential gridlock in Washington.
Optimism was still pumping through other areas of the market, though, and Treasury yields climbed after a report showed U.S. employers hired more workers last month than economists expected. They’re the latest swings in a wild week dominated by Tuesday’s election, where the winner of the White House is still unknown.
The S&P 500 was virtually unchanged in afternoon trading, though it remains 7.4% higher for the week. It had jumped at least 1.2% in each of the earlier four days, with the gains accelerating after early results indicated control of Congress may remain split between Democrats and Republicans. That raised investors’ expectations that business-friendly policies may stick around, regardless of who wins the presidency.
The Dow Jones Industrial Average was down 54 points, or 0.2%, at 28,335, as of 2:35 p.m. Eastern time, after erasing most of an earlier 200 point loss. The Nasdaq composite was 0.1% higher.
The yield on the 10-year Treasury climbed to 0.81% from 0.78% late Thursday after the U.S. government said employers added 638,000 jobs last