A look at today's business news headlines:
Dow boosted by earnings, tech shares lag
Stocks closed mixed Friday, with technology shares lagging the broader market, as investors weighed strong earnings from General Electric against a quarterly loss from Bank of America.
The Dow Jones industrial average rose 49 points, or 0.4%, to close at 11,872, the highest level since June 2008. The S&P 500 added 3 points, or 0.2%, but the tech-heavy Nasdaq fell 15 points, or 0.5%.
For the week, the Dow gained 1.2%, while the S&P was flat. The Nasdaq lost about 1.7% over the last five trading days.
General Electric led gainers on the Dow after the conglomerate reported a fourth-quarter profit that topped Wall Street forecasts, sending its stock up 7%. Energy stocks Exxon and Chevron were also strong after an industry group suggested oil prices will continue to rise in 2011.
Treasuries: 'Trapped' since December
Treasuries have been seesawing in a tight range since the start of the year, as traders question the pace of the economic recovery.
While things have been looking up, the bond market already priced in signs of improvement at the end of 2010, and traders are now looking for something more to push it one way or the other.
"People are taking a wait-and-see attitude about the degree of intensity of the recovery, with everyone trying to figure out if we're going to have lackluster growth or robust growth," said Bill Larkin, portfolio manager at Cabot Money Management.
"The market is basically saying QE2 is going to dissipate mid-year, and housing and employment are two wild cards – with Europe is in there too."
Given that uncertainty, the yield on the 10-year note has been stuck bouncing between 3.3% and 3.5% since the end of 2010, said Larkin.
"Treasuries have been trapped since the beginning of December and that's
likely to continue until we get some good news on the employment side," Larkin said. "Once we do, that will help us break into a new range and yields will likely go higher."
– CNNMoney.com reporters Blake Ellis and Ben Rooney contributed to this report.