Stocks were slightly down for the week as a sudden jump in interest rates made equities, and particularly growth stocks, less compelling. The S&P 500 declined 0.7%, while the Dow was up 0.2% for the week. Abroad, the FTSE All World Ex US edged up 0.2% for the week. The yield on the 10-year Treasury yield finished the week at its highest level since February 2020, 1.34%, up from 1.20% to start the week. Bitcoin rose above $50,000, doubling in less than two months.

In January, retail spending rose 5.3%, the most in seven months.

Meeting minutes from the Fed’s January meeting showed officials agreed to continue to hold the Fed Funds Rate near zero and to maintain their bond buying purchases. While they thought that there may be an increase inflation, they didn’t believe it would be long lasting.

Initial jobless claims rose unexpectedly over the past week with 861,000 people filing for unemployment insurance and the previous week was revised upward by 55,000.

US business activity picked up pace with service sector and manufacturing output accelerating.