Bumpy day leaves stocks mostly lower

NEWYORK— A choppy day on Wall Street ended with stocks mostly lower Friday, helping push the S&P 500 to its second straight weekly loss.

Investors continued to watch the bond market, where Treasury yields eased lower, as well as Washington, where Congress is expected to vote on President Joe Biden’s stimulus package.

Losses in banks and health care stocks helped drag the S&P 500 down 0.5%, erasing an early gain. Falling oil prices weighed on energy stocks. Technology and communication services companies, which bore the brunt of the selling a day before, recovered slightly, which helped the tech-heavy Nasdaq composite manage a 0.6% gain.

Bond yields eased off of their multi-week climb. The yield on the 10-year U.S. Treasury fell to 1.42% from 1.51%. late Thursday.

“We still think the uptrend in (stocks) is very much intact and that they’ll outperform bonds in the coming year,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.

The S&P 500 index fell 18.19 points to 3,811.15. Despite a twoweek slide, the index managed a 2.6% gain for February after a 1.1% loss in January.

The Dow Jones Industrial Average dropped 469.64 points, or 1.5%, to 30,932.37. The Nasdaq gained 72.91 points to 13,192.34. The index still posted its biggest weekly loss since October. The Russell 2000 index of smaller companies eked out a small gain, adding 0.88 points, or less than 0.1%, to 2,201.05.

The indexes remain close to the all-time highs they set earlier this month.