The Dow closed modestly higher Friday, but all three major stock indexes finished the week lower after the Federal Reserve’s March meeting minutes outlined its tentative plans to cut the size of its $9 trillion balance sheet at a record pace. The Dow Jones Industrial Average advanced about 139 points, or 0.4% Friday, to end near 34,723, but was off 0.3% for the week. The S&P 500 index shed 0.3% Friday and 1.3% for the week, while the rate-sensitive Nasdaq Composite Index fell another 1.3% Friday and 3.9% for the week, according to FactSet. With the Fed eyeing aggressive moves to tighten financial conditions to help tame inflation, Treasury yields across the credit curve set new one-year highs on Friday, with the benchmark 10-year rate at 2.713%, its highest yield since March 5, 2019, according to Dow Jones Market Data. All eyes next week will be on the March reading of the consumer-price index due Tuesday, with forecasters expecting the headline reading to top 8%, and for quarterly corporate earnings to kick off in earnest.
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