Bond yields, oil prices, and stocks all fall after a tumultuous week
Treasury yields, oil prices, and stocks all plunged Friday afternoon after a week of mounting concerns over COVID-19 and its effect on the economy.
The Dow Jones Industrial Average dropped about 255 points to close a week of ups and downs, while the S&P 500 went down 1.7 percent and the Nasdaq Composite went down 1.9 percent. The indexes did all show gains from last week's record-breaking plunge.
Oil prices took a major dip of $4.72 per barrel as Russia and OPEC failed to come to a production agreement. Futures on the benchmark oil price of Brent crude settled Friday at $45.27, their lowest since 2017, The Wall Street Journal notes. Oil prices have fallen more than 20 percent since January.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Yields on 10-year Treasury bonds also fell below .7 percent for the first time ever on Friday before rebounding a tad to close at .71 percent. It's more than just a reaction to the Federal Reserve Board's emergency interest rate cut, one expert told the Journal — "This is a flight to quality first." Traders expect the Fed to instill further cuts in the next few months.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
6 charming homes for the whimsical
Feature Featuring a 1924 factory-turned-loft in San Francisco and a home with custom murals in Yucca Valley
By The Week Staff Published
-
Big tech's big pivot
Opinion How Silicon Valley's corporate titans learned to love Trump
By Theunis Bates Published
-
Stacy Horn's 6 favorite works that explore the spectrum of evil
Feature The author recommends works by Kazuo Ishiguro, Anthony Doerr, and more
By The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published