Stocks were showing a bit of volatility Friday with the Dow threatening to break into the green several times during the session before turning definitively south as the trading day went on.
The Nasdaq was less volatile, dropping consistently and declining 1.8% on the day while the S&P 500 fell 0.5%.
U.S. Household Debt Falls Most in 7 Years
American consumer debt fell for the first time in six years, the Federal Reserve Bank of New York said, falling 0.2% to about $34 billion.
The decline in the second quarter was the first since 2014 and the drop is the largest since 2013 as credit card balances alone fell by $76 billion in the quarter, the steepest decline in the history of the data.
Biogen Jumps as FDA Accepts Alzheimer's Treatment Application
Shares of drugmaker Biogen (BIIB) - Get Biogen Inc. Report jumped more than 8% Friday after the Food and Drug Administration accepted the company's marketing application seeking approval for aducanumab, its Alzheimer's disease treatment candidate.
If the drug is approved, it will be the first authorized medicine to reduce the clinical decline of deadly cognitive disease. The company says it is confident in regulatory approval though results from two Phase 3 studies were mixed.
Mortgage Rates Drop to 8th All-Time Low in 2020
Mortgage rates hit another record low this past week, the eight record low rates have reached this year.
The average interest rate on a 30-year fixed-rate mortgage fell to a record low of 2.88%, according to Freddie Mac. That is the lowest level record in the nearly 50 years of the mortgage company's survey.
Last month, the 30-year rate dropped to a low of 2.98%.