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breaking news Wall Street wobbles to mixed close, indices maintain weekly gains


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.

Stocks swayed to a mixed close on Wall Street on Friday, but every major index posted weekly gains in a holiday-shortened week.

Investors faced a relatively calm day, although worries about inflation, high interest rates and a possible recession still loom over Wall Street. The markets were closed on Thursday for the Thanksgiving holiday and closed at 1 p.m. on Eastern Friday.

The S&P 500 lost 1.14 points, or less than 0.1%, to close at 4,026.12. Nearly 70% of stocks in the benchmark gained ground, but the broader market was dragged down by technology companies. The high valuations of companies in the technology sector tend to give them more leverage to push the market up or down.

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.

US crude oil prices fell and weighed on energy stocks.

Airlines and other travel-related businesses gained ground with the start of the busy holiday travel season. 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 10-year Treasury yield, which influences mortgage rates, rose to 3.70% from 3.69% on Wednesday night.

Investors remain concerned about the Federal Reserve’s ability to rein in the highest inflation in decades by raising interest rates without going too far and causing a recession. The central bank’s benchmark rate is currently between 3.75% and 4%, down from near zero in March. He is warned that he may eventually have to raise rates to previously unanticipated levels to rein in high prices for everything from food to clothes.

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

Investors also have their eyes on the shutdowns and restrictions imposed by China to curb the spread of coronavirus infections, as the direction China takes will impact the rest of Asia and global supply chains. .

China has extended pandemic shutdowns, 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 record high daily. Apple fell 2%.

Markets in Europe and Asia were mixed.

Wall Street receives several major economic updates next week. The Conference Board’s business group will release its November consumer confidence report, which could give investors a better look at how consumers are coping with inflation. The US government also releases its closely watched monthly jobs report.

(Edited by : Sangam Sing)


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