NEW YORK (AP) — An early stock market advance was gone by the early afternoon Friday as the market flattened out after six days of gains.
Trading was quiet with many investors out on vacation.
Bond yields continued to rise. The yield on the 10-year Treasury note hovered climbed above the 3 percent mark. The yield hasn't consistently traded above that level since July 2011.
KEEPING SCORE: The Dow Jones industrial average was down five points, or 0.03 percent, to 16,474 as of 3 p.m. Eastern. The Standard & Poor's 500 index fell a point, or 0.06 percent, to 1,840 and the Nasdaq composite was down 10 points, or 0.2 percent, at 4,158.
HIGHER RATES: The yield on the 10-year Treasury note rose to 3.01 percent from 2.99 percent Thursday. Bond yields have steadily climbed since Dec. 18, when the Federal Reserve announced it was paring back its bond-buying economic stimulus program. The purchases were aimed at keeping long-term interest rates low to encourage borrowing and hiring.
'ROAD TO NORMAL': "Interest rates are on a road back to normalcy after being artificially suppressed by the Fed," said Karyn Cavanaugh, market strategist with ING U.S. Investment Management. Cavanaugh said she expects the yield on the 10-year note to rise to about 3.5 percent by the end of 2014.
GM RECALLS: General Motors fell 50 cents, or 1 percent, to $41.03 after the company said it would have to recall 1.5 million cars in China to replace a bracket that secures a fuel pump.
TWITTER STALLS: Twitter fell $6.61, or 9 percent, to $66.70. Twitter has soared in recent days, prompting one Wall Street analyst to downgrade the company's stock to the equivalent of "sell," saying the rally was overdone. Even with Friday's sell-off, the social media company's stock is still up 63 percent this month.
WINDING DOWN: There are only three trading days left in 2013, and most of Wall Street remains on vacation for the Christmas and New Year holiday. Volume for the last two trading days has been very low, and trading is slow on Friday as well. There were no major economic reports or corporate earnings scheduled Friday.