NEW YORK - An early gain was gone by the early afternoon on Wall Street Friday as the market flattened out after six days of gains.
Trading was quiet with many investors
out on vacation.
Bond yields continued to rise. The yield on the 10-year Treasury note climbed above the 3 percent mark.The Dow Jones industrial average edged down nine points, or 0.06 percent, to 16,471 as of 1:45 p.m. ET. The Standard & Poor's 500 index fell a point, or 0.08 percent, to 1,840 and the Nasdaq composite was down 13 points, or 0.3 percent, at 4,153.
The yield on the 10-year Treasury note
rose to 3.01 percent from 2.99 percent Thursday. Bond yields have steadily
climbed since Dec. 18, when the Federal Reserve announced it was paring back
its bond-buying economic stimulus program.
"Interest rates are on a road
back to normalcy after being artificially suppressed by the Fed," said
Karyn Cavanaugh, market strategist with ING U.S. Investment Management.
Cavanaugh said she expects the yield on the 10-year note to rise to about 3.5
percent by the end of 2014.
General Motors fell 48 cents, or 1
percent, to $41.04 after the company said it would have to recall 1.5 million cars in China to replace a bracket that secures a fuel pump.
Twitter fell $5.77, or 8 percent, to
$67.52. Twitter has soared in recent days. Even with Friday's sell-off, the
social media company's stock is still up 63 percent this month.
There are only three trading days left in 2013, and most of Wall Street remains on vacation for the Christmas and New Year holiday. Volume for the last two trading days has been very low, and trading is expected to be slow Friday as well. There are no major economic reports or corporate earnings scheduled this week.