TOKYO – Stocks reeled in choppy trading on Wall Street on Friday, but major indexes are on track to record weekly gains.
The S&P 500 was up 0.1% as of 10:12 am Eastern. The Dow Jones Industrial Average rose 155 points, or 0.5%, to 34,351 and the Nasdaq fell 0.3%.
More than half of the stocks within the benchmark S&P 500 index gained ground, but losses from some big tech companies weighed down the broader market. High valuations for companies in the technology sector tend to give them more weight in pushing the market up or down.
Apple is down 1.6%.
All major indices are set for a weekly gain in what has been a bumpy but short week. The markets were closed Thursday for the Thanksgiving holiday and will close at 1pm Eastern Friday.
Markets in Asia and Europe were mixed and crude oil prices remained relatively stable.
Long-term bond yields have increased. The 10-year Treasury yield, which influences mortgage rates, rose to 3.73% from last Wednesday’s 3.69%.
Investors face a relatively quiet day, even as worries about inflation, high interest rates and a potential recession still linger on Wall Street.
The biggest concern for investors has been whether the Federal Reserve can tame the highest inflation in decades by raising interest rates without going too far and causing a recession. The central bank’s key rate is currently in the range of 3.75% to 4%, up from zero in March. He warned that he may eventually have to hike rates to previously unforeseen levels to curb high prices on everything from food to clothing.
The minutes of the latest Fed policy meeting, released Wednesday, show officials agreed that smaller rate hikes “soon” would likely be appropriate. This has been welcomed by investors, who are concerned that aggressive rate hikes could eventually slow down the already weak economy too much.
Investors are also eyeing China’s lockdowns and restrictions to curb the spread of coronavirus infections, as China’s direction will impact the rest of Asia and global supply chains.
China has expanded its pandemic lockdowns, including in a city where workers manufacturing Apple’s iPhone clashed with police this week, as the number of COVID-19 cases hit a daily record.
Yuri Kageyama contributed to this report.
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