Wall Street trading began on a mixed note on Friday after President Joe Biden signed a $1.9trn Covid-19 relief package into law overnight.
As of 1535 GMT, the Dow Jones Industrial Average was up 0.29% at 32,579.56, while the S&P 500 was 0.53% weaker at 3,918.39 and the Nasdaq Composite came out the gate 1.64% softer at 13,179.53.
The Dow opened 93.97 points higher on Friday, extending gains recorded in the previous session.
Biden signed his $1.9trn coronavirus relief package into law overnight, sending direct payments of as much as $1,400 to Americans and put nearly $20.0bn into Covid-19 vaccinations and $350.0bn into state, local and tribal government aide.
The President also said he would direct US states to make all American adults eligible for vaccination by 1 May.
Rising bond yields were again in focus early on Friday, with the yield on the benchmark 10-year Treasury note rising to 1.61%, strengthening the US dollar in the process, climbing 0.8% and 0.6% against the pound and the euro, respectively.
SpreadEx’s Connor Campbell said: “Yet despite this the Dow added another 100 or so points of its own, aiming to end the week above 32,600 for the first time in its history.
“It appears equities have survived Friday’s bond yield drama. Next week may put further spotlight on the issue, however, thanks to meetings for the Federal Reserve on Wednesday and the Bank of England on Thursday, both of whom have struck differing notes on the threat of rising inflation.”
On the macro front, February’s producer price index for final demand rose 0.5%, according to the Labor Department, the largest annual gain in over two years.
Elsewhere, the University of Michigan’s March preliminary consumer sentiment index rose to 83.0 from a final reading of 76.8 in February, ahead of forecasts for a print of 78.5 to its strongest reading in twelve months amid declining Covid-19 cases and the US’ vaccine rollout.
No major corporate earnings were slated for release on Friday.
