Dow climbs as bank stocks rise, Nasdaq lags

view original post

U.S. stocks turned mixed in afternoon trading as investors rotated into financials and continued to pare back on growth names.

The Dow Jones Industrial Average curbed losses rising 96 points or 0.3%, while the S&P 500 and Nasdaq Composite trimmed losses but remained fractionally lower.

Bonds continued to climb. The yield on the 10-year Treasury rose to nearly 1.8% a two-year high. Financial stocks rose as higher yields bode well for banks.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In economic news, nonfarm payrollrose by 199,000 in December less than the 400,000 economists were expecting even as the unemployment rate dipped to 3.9%. “Leisure and hospitality, in professional and business services, in manufacturing, in construction, and in transportation and warehousing” added workers according to the Labor Department.

FED, OPEC’S PUNY PRODUCTION MOVES PUSHES OIL TO $80

Oil briefly topped the $80 per barrel level putting oil producers on the radar.

JOBLESS CLAIMS TICK UP TO 207,000 BUT REMAIN NEAR HALF-CENTURY LOW

In stocks, shares of GameStop Corp jumped after a Wall Street Journal report said the retailer is launching a division to develop a marketplace for nonfungible tokens (NFTs) and establish cryptocurrency partnerships.

GAMESTOP SHARES SURGE ON PLANS TO ENTER NFT AND CRYPTOCURRENCY MARKETS

Big tech names including Apple, Amazon and Microsoft bounced between losses and gains during the session.

Separately, Apple CEO Tim Cook made nearly $100 million in compensation last year, per SEC filings.

CLICK HERE TO READ MORE ON FOX BUSINESS

Ford continued to climb after, earlier this week, it announced it would double the production of its F-150 Lightning.

Shares of Papa Johns are higher after announcing plans for an aggressive rollout in South China with plans to open 1,350 new stores by 2040.

and in cryptocurrencies, Bitcoin continued its free-fall now trading around the $41,000 level, a five-month low.

The move hitting crypto-related exchange-traded funds and stocks.

In Asia, Tokyo’s Nikkei 225 index edged less than 0.1% lower, the Hang Seng in Hong Kong jumped 1.8% and China’s Shanghai Composite index shed early gains to fall 0.2%.

A resurgence of coronavirus outbreaks has added to uncertainties over a revival of tourism and other business activity across Asia.

FOX Business’ Ken Martin and The Associated Press contributed to this report.