The Dow Jones Industrial Average jumped to another record high on Friday as rising reopening optimism continued to encourage the rotation into cyclical stocks. Meanwhile, surging bond yields rekindled valuation fears and took the comeback momentum out of tech names.
The 30-stock index triumphed 239.05 points to 32,778.64. Bank stocks gained amid rising rates, while industrials continued their strength on the back of new stimulus. Goldman Sachs shares jumped 2%, and JPMorgan climbed 1.2%. Boeing leaped 6.8% and Caterpillar popped 4.2%.
The S&P tacked four points onto Thursday's all-time high, to 3,943.34. Tech and communication services were the only two sectors registering losses.
The NASDAQ Composite swooned 78.81 points to 13,219.87. Alphabet and Facebook dropped 2% each, while Apple, Amazon and Microsoft all closed in the red.
Friday's selloff pared the NASDAQ's weekly gain to 3%. The S&P 500 rose 2.6% this week, while the blue-chip Dow outperformed with a 4% rally.
President Joe Biden signed into a $1.9-trillion COVID-19 relief package became law.
The plan will send direct payments of up to $1,400 to many Americans, and will also put nearly $20 billion into COVID-19 vaccinations and $350 billion into state, local and tribal government relief.
Biden announced Thursday evening that he would direct states to make all adults eligible for the vaccine by May 1 in his first primetime address as president.
Prices for 10-Year Treasurys dropped sharply, raising yields to 1.63% from Thursday's 1.53%. Treasury prices and yields move in opposite directions.
Oil prices slumped 43 cents to $65.59 U.S. a barrel.
Gold prices gained 40 cents to $1,723.