US stocks close lower to wrap up losing week as hot inflation data jolts markets
US stocks fell on Friday to close out a losing week, with the S&P 500 notching its worst weekly performance since mid-December.
The Nasdaq Composite and Dow Jones Industrial Average also ended lower as traders digested discouraging January inflation data. On Friday, core Personal Consumption Expenditures, the US central bank's preferred inflation measure, increased 0.6% in January, higher than economists' estimates. Bond yields jumped as traders bet on more interest rate hikes from the Federal Reserve. The two-year Treasury yield jumped 11 basis points to 4.81%, nearing its highest level since 2007. The 10-year yield rose seven basis points to 3.95%.
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