U.S. stocks closed out a rough week mostly lower on Friday, leaving the S&P 500 and the Nasdaq Composite both in correction territory. The Dow Jones Industrial Average DJIA shed about 366 points on Friday, or 1.1%, ending near 32,417, according to preliminary FactSet data. The S&P 500 index SPX shed 0.5% to finish around 4,117, a level that meets the widely accepted definition of a market correction, ending at least 10% below its prior peak set in July, according to Dow Jones Market Data. The Nasdaq Composite Index COMP rose 0.4%, but ended lower for a third straight week. It shed 2.6% for the week, while the S&P 500 lost 2.5% and the Dow fell 2.1% since Monday. Stocks have been under pressure from higher long-dated Treasury yields, with the 10-year BX:TMUBMUSD10Y rate easing back from a brief high of 5% in recent sessions to about 4.846% Friday. Focus next week will be on the Treasury’s release of its expecting $1.5 trillion borrowing need and the Federal Reserve’s decision on rates due Wednesday.
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