Dow closes at record high, tech falters as traders mull the impact of Biden’s stimulus

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The Dow Jones industrial average closed at a record high on Friday while tech stocks fell as a rise in interest rates fueled a continued rotation into cyclical stocks poised to benefit from a reopened economy.

The yield on the 10-year US Treasury note spiked to 1.64% on Friday, representing a new cycle high since the COVID-19 pandemic began.

The spike in yields came after President Joe Biden signed his $1.9 trillion stimulus package into law, spurring inflationary concerns. Continued progress on…

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