U.S. stocks fell on Friday as bond yields surged, rekindling fears that rising rates will take the comeback momentum out of equities, especially tech names.
The Dow Jones Industrial Average triumphed 141.17 points to 32,626.76. Goldman Sachs shares jumped 2.3%, while JPMorgan climbed 1.8%. Boeing popped 5%.
The S&P retreated 12.94 points, from Thursday's record high, to pause for lunch hour Friday at 3,926.40.
The NASDAQ Composite swooned 159.32 points, or 1.2%, to 13,238.08.
Shares of Tesla fell more than 3%. Netflix and Facebook dropped 2%, while Apple, Amazon and Microsoft were all down at least 1%.
Friday's selloff pared the NASDAQ's weekly gain to about 2%. The S&P 500 is up 2% on the week, while the blue-chip Dow outperformed with a 3.7% rally this week as investors piled into names tied to an economic recovery.
The S&P 500 jumped 1% and hit a new closing high Thursday, surpassing its previous record from Feb. 16, as President Joe Biden's $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 1.62% from Thursday's 1.53%. Treasury prices and yields move in opposite directions.
Oil prices inched up seven cents to $66.09 U.S. a barrel.
Gold prices sagged $8.10 to $1,714.50.