Dow ends up to extend win run to five; rising yields pressure megacap stocks
Live Mint* Weekly jobless claims at 219,000, below estimates * Crypto stocks fall tracking losses in bitcoin * Yield on U.S. 10-year Treasuries hits highest since May * Indexes: Dow up 0.07%, S&P 500 down 0.04%, Nasdaq off 0.05% By David French Dec 26 - The Dow Jones Industrial Average closed fractionally higher on Thursday, stretching its winning streak to five sessions despite light trading volumes and rising U.S. Treasury yields weighing on some of the dominant technology megacaps. With markets increasingly dominated by the megacap technology stocks known as the Magnificent Seven, crimping their performance - especially in lieu of other market catalysts - will put downward pressure on benchmark indexes. However, U.S. stocks have hit a speed bump in the final month of the year following an election-led rally in November as investors assess the Federal Reserve's projection of fewer interest rate cuts in 2025. Looking ahead, LPL Financial's Turnquist said the last few weeks have seen significant reliance on the Magnificent Seven stocks driving markets higher, and we may be starting to see the cracks in this momentum.