The Dow Jones Industrial Average rose on Friday as Wall Street pushed for solid gains during the holiday-shortened trading week.
The Dow Jones Industrial Average rose 173 points, or 0.51%. The S&P 500 gained 0.11% and the Nasdaq Composite fell 0.34%, weighed down by Activision Blizzard shares, which fell more than 4% on the news that FTC could block Microsoft from taking over the gaming company.
Concerns about an ongoing lockdown in China kept markets under control. The country is increasing Covid restrictions after seeing a climbing case count in the past few days. Earlier in the week, China reported its first Covid deaths since May.
Wall Street looks set to end a great week of holiday shortening, after the Federal Reserveadded to the latest meeting minutes which were expected to delay the tightening of monetary policy.
“The vast majority of participants considered that a slowdown in the pace of the appropriate increase was likely soon,” the minutes stated.
Stocks jumped on the news on Wednesday, notching the second consecutive day of gains in a week marked by choppy trading and low volumes. For the week, the Dow is up 1.75% and the S&P 500 is up 1.66%. The tech Nasdaq is lagging the other two indexes but is still up nearly 1% on the week.
Markets were closed on Thursday for the Thanksgiving holiday and will close at 1 pm ET on Friday.