After November's strong rally, the stock market sought to start December on an equally positive note this week amid fresh evidence that the economy is still powering ahead. Instead, a five-week rally slowed as inflation concerns revived expectations the Federal Reserve might raise interest rates well into 2006.
The Dow Jones Industrial Average interrupted five weeks of gains, losing 0.4% on the week despite a strong gain Thursday. The S&P 500 likewise fell 0.2%. The Nasdaq Composite, however, put in its seventh week of gains, rising 0.4%.
Inflation concerns were evident in the bond market, where the price of longer-dated Treasuries declined for the first week in four. As the benchmark 10-year Treasury bond fell this week, its yield rose to 4.52% compared with 4.43% last Friday. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,452.00 | 1,107.93 | 2,201.05 | 36.03 |
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