Stocks are closing mixed on Wall Street Friday, but major indexes all notched weekly gains. The S&P 500 edged lower Friday. The Dow Jones Industrial Average rose and the Nasdaq fell. Technology stocks were the biggest drags on the broader market. Markets were closed on Thursday for the Thanksgiving holiday and closed at 1 pm Eastern Friday. Long-term bond yields edged higher. Crude oil prices remained steady. Global shares were mixed amid worries about China’s lockdowns and restrictions to curb the spread of coronavirus infections.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story appears below.
Stocks wavered in uncertain trading on Wall Street Friday, but major indexes are on track to notch weekly gains.
The S&P 500 rose 0.1% as of 11:31 am Eastern. The Dow Jones Industrial Average rose 162 points, or 0.5%, to 34,355 and the Nasdaq fell 0.5%.
More than half of the stocks within the benchmark S&P 500 index gained ground, but losses by some big technology companies weighed down the broader market. High valuations for companies in the technology sector tend to give them more leverage in pushing the market higher or lower.
Apple fell 2.2%.
The major indexes are all headed for a weekly gain after a bumpy but short week. Markets were closed on Thursday for the Thanksgiving holiday and they will close at 1 pm Eastern Friday.
Markets in Asia and Europe were mixed and crude oil prices were relatively steady.
Long-term bond yields edged higher. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.72% from 3.69% late Wednesday.
Investors face a relatively quiet day, although concerns about inflation, high interest rates and a potential recession still hover over Wall Street.
The biggest concern for investors has been whether the Federal Reserve can tame the hottest inflation in decades by raising interest rates without going too far and causing a recession. The central bank’s benchmark rate currently stands at 3.75% to 4%, up from close to zero in March. It’s warned that it may have to ultimately raise rates to previously unanticipated levels to reign in high prices on everything 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 are worried that continued aggressive rate hikes could slow down the already weak economy too much.
Investors also have their eyes on China’s lockdowns and restrictions to curb the spread of coronavirus infections, as the direction China takes will impact the rest of Asia and global supply chains.
China has been expanding pandemic lockdowns, including in a city where factory workers making Apple’s iPhone clashed with police this week, as its number of COVID-19 cases hit a daily record.
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 into how consumers are dealing with inflation. The US government also releases its closely watched monthly employment report.
Yuri Kageyama contributed to this report.
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