By DAMIAN J. TROISE, AP Business Author
Stocks wobbled to a mixed close on Wall Street Friday, but every major index notched weekly gains in a holiday-shortened week.
Investors faced a comparatively quiet day, though concerns about inflation, high rates of interest and a possible recession still hover over Wall Street. Markets were closed on Thursday for the Thanksgiving holiday and closed at 1 p.m. Eastern Friday.
The S&P 500 fell 1.14 points, or lower than 0.1%, to shut at 4,026.12. Nearly 70% of stocks within the benchmark index gained ground, however the broader market was dragged lower by technology corporations. High valuations for corporations within the technology sector tend to present it more heft in pushing the market higher or lower.
The Dow Jones Industrial Average rose 152.97 points, or 0.4%, to 34,347.03. The Nasdaq fell 58.96 points, or 0.5%, to 11,226.36.
Political Cartoons
U.S. crude oil prices fell and weighed down energy stocks.
Airlines and other travel-related corporations gained ground because the busy holiday travel season kicks in. United Airlines rose 1.7%.
Retailers were mixed as shoppers headed to stores for Black Friday. Home Depot rose 1.5% and Best Buy fell 1.4%.
Long-term bond yields were relatively stable but still hovered around multi-decade highs. The yield on the 10-year Treasury, which influences mortgage rates, rose to three.70% from 3.69% late Wednesday.
Investors remain concerned about whether the Federal Reserve can tame the most well liked inflation in many years by raising rates of interest without going too far and causing a recession. The central bank’s benchmark rate currently stands at 3.75% to 4%, up from near zero in March. It’s warned it could have to ultimately raise rates to previously unanticipated levels to rein in high prices on all the things from food to clothing.
Minutes from the Fed’s latest policy meeting, released on Wednesday, show that officials agreed that smaller rate hikes would likely be appropriate “soon.” That was welcomed by investors who’re apprehensive that continued aggressive rate hikes could slow the already weak economy an excessive amount of.
Investors even have their eyes on China’s lockdowns and restrictions to curb the spread of coronavirus infections, because the direction China takes will impact the remainder of Asia and global supply chains.
China has been expanding pandemic lockdowns, including in a city where factory employees making Apple’s iPhone clashed with police this week, as its variety of COVID-19 cases hit a day by day record. Apple fell 2%.
Markets in Europe and Asia were mixed.
Wall Street gets several big economic updates next week. The Conference Board business group will release its November report on consumer confidence, which could give investors more insight on how consumers are coping with inflation. The U.S. government also releases its closely watched monthly employment report.
Yuri Kageyama contributed to this report.
Copyright 2022 The Associated Press. All rights reserved. This material will not be published, broadcast, rewritten or redistributed.
