US Stocks Wobble to Mixed Close 11/25 13:11
Stocks wobbled to a mixed close on Wall Street Friday, but every major index
notched weekly gains in a holiday-shortened week.
(AP) -- 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 relatively quiet day, though concerns about inflation,
high interest rates and a potential 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 less than 0.1%, to close at 4,026.12.
Nearly 70% of stocks in the benchmark index gained ground, but the broader
market was dragged lower by technology companies. High valuations for companies
in the technology sector tend to give it more heft in pushing the market higher
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.
U.S. crude oil prices fell and weighed down energy stocks.
Airlines and other travel-related companies gained ground as 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 3.70% from 3.69% late Wednesday.
Investors remain concerned about 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 it may have to
ultimately raise rates to previously unanticipated levels to rein 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 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. 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 dealing with
inflation. The U.S. government also releases its closely watched monthly