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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 the COVID-19 vaccine front also helped support higher bond yields as investors prepare for strong economic growth.

Here’s where US indexes stood at the 4 p.m. ET close on Friday:

Read more: Bank of America lays out 7 ways investors should start preparing portfolios before inflation jumps – and explains why to expect higher consumer prices and interest rates for the foreseeable future

Novavax soared 20% in Friday trades after its COVID-19 vaccine was found to be 96% effective in preventing contraction of the original virus strain.

Shares of Ulta Beauty dropped 10% after its fourth quarter earnings report missed analyst estimates. The firm also gave guidance that didn’t meet analyst estimates, and announced that its CEO Mary Dillon would step down.

GameStop continued its ascension higher on Friday, juming as much as 14% and hitting levels not seen since its epic short-squeeze in late January began to unwind.

Oil prices were lower. West Texas Intermediate crude fell as much as 0.9%, to $65.41 per barrel. Brent crude, oil’s international benchmark, dropped by 0.9%, to $69.03 per barrel, at intraday lows.

Gold fell as much as 1.4%, to $1,699.26 per ounce, before settling slightly higher on the day.



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