BOSTON, Aug 7 — A positive jobs report drove US stocks modestly higher yesterday, but a parallel rise in Treasury yields signaled a downside: the good news could push the Federal Reserve to curtail its massive stimulus policies faster then expected.
Still, stock gains were muted. The Dow Jones Industrial Average rose 144.39 points, or 0.41 per cent, to 35,208.64, the S&P 500 gained 7.44 points, or 0.17 per cent, to 4,436.54 and the Nasdaq Composite dropped 59.36 points, or 0.4 per cent, to 14,835.76. Benchmark 10-year Treasury yields rose to 1.3019 per cent, a week high after their US close at 1.217 per cent on Thursday. Yields have been under 2.0 per cent since July 2019.
Oil prices declined further yesterday, set for their biggest weekly loss since October after falls earlier in the week triggered by rising Covid-19 cases and a surprise build in US crude stockpiles.
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