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HomeEconomyUS stocks wobble to a mixed close, indexes keep weekly gains

US stocks wobble to a mixed close, indexes keep weekly gains

Stocks teetered to a mixed close on Wall Street on Friday, but all major indices rose weekly in the holiday-shortened week.

Investors had a relatively quiet day, but fears of inflation, high interest rates and a possible recession still hung over Wall Street. The market was closed at 1:00 pm.

The S&P 500 fell 1.14 points (less than 0.1%) to close at 4,026.12. About 70% of stocks in the benchmark index rose, while the broader market was pulled down by tech companies. Higher valuations for companies in the technology sector tend to be more of a force in pushing the market up or down.

The Dow Jones Industrial Average rose 152.97 points, or 0.4%, to 34,347.03. The Nasdaq dropped his 58.96 points (0.5%) to 11,226.36.

U.S. oil prices fell, weighing on energy stocks.

Airlines and other travel-related companies gained momentum as the busy holiday travel season began. United Airlines rose his 1.7%.

Retailers were mixed as shoppers headed to stores for Black Friday. Home Depot rose 1.5% and Best Buy he fell 1.4%.

Yields on long-term bonds have been relatively stable, but are still hovering near multi-decade highs. Yields on his 10-year Treasuries, which affect mortgage rates, rose to 3.70% from 3.69% late Wednesday.

Investors are concerned about whether the Federal Reserve can keep inflation at its highest level in decades by raising interest rates without going too far and triggering a recession. Benchmark rates are currently between 3.75% and 4%, up from near zero in March. It warns that interest rates may eventually need to rise to previously unanticipated levels to keep prices down on everything from food to clothing.

Minutes of the Fed’s latest policy meeting, released Wednesday, show officials agreed that a smaller rate hike is likely to be appropriate “soon.” This was welcomed by investors who fear continued aggressive rate hikes will slow an already weak economy too much.

Investors are also eyeing China’s lockdowns and restrictions to curb the spread of coronavirus infections. The direction China takes will affect the rest of Asia and the global supply chain.

China is extending pandemic lockdowns, including in a city where factory workers making Apple’s iPhones clashed with police this week as the number of COVID-19 cases hit a one-day record. Apple is 2% off.

European and Asian markets were mixed.

Wall Street will receive some big economic news next week. The Conference Board Business Group releases his November report on consumer confidence. This gives investors more insight into how consumers are coping with inflation. The U.S. government also publishes monthly employment reports that are closely monitored.

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Yuri Kageyama contributed to this report.

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