Damian J. von Trois (AP Business Writer)
Stocks closed Friday on Wall Street mixed, but major indices all posted weekly gains. The S&P 500 closed lower on Friday. The Dow Jones Industrial Average rose and the Nasdaq fell. Technology stocks were the biggest losers in the broader market. The markets were closed on Thursday for Thanksgiving and closed at 1 p.m. on Easter Friday. Long-term bond yields have risen. Crude oil prices remained stable. Global stocks were mixed amid concerns over China’s lockdown and restrictions to curb the spread of coronavirus infections.
This is a breaking news update. A previous AP story appears below.
Shares teetered in uncertain Wall Street trading on Friday, but major indices are on track to post weekly gains.
The S&P 500 was up 0.1% at 11:31 a.m. ET. The Dow Jones Industrial Average rose 162 points, or 0.5%, to 34,355 and the Nasdaq fell 0.5%.
More than half of stocks in the benchmark S&P 500 index rose, but losses at some big tech companies dragged the broader market lower. Higher valuations for companies in the technology sector make them more important in driving the market up or down.
Apple fell 2.2%.
After a week of volatility, all major indices are heading for weekly gains. The markets were closed on Thursday for the Thanksgiving holiday and close at 1:00 p.m. on Easter Friday.
Markets in Asia and Europe were mixed and crude oil prices were relatively stable.
Long-term bond yields have risen. The 10-year Treasury yield rose to 3.72% from 3.69% late Wednesday, impacting mortgage rates.
Investors faced a relatively calm day, although concerns about inflation, higher interest rates and a possible recession remained high on Wall Street.
Investors’ biggest concern has been whether the Federal Reserve can tame the hottest inflation in decades by raising interest rates without going too far and triggering a recession. The central bank’s policy rate is currently between 3.75% and 4%, up from near zero in March. It warned it might need to raise interest rates to unprecedented levels to stem high prices for everything from food to clothing.
Minutes from the Fed’s most recent monetary policy meeting, released on Wednesday, showed officials agreed that the prospect of a small rate hike “soon” would be reasonable. It was welcomed by investors who fear continued aggressive rate hikes could slow down an already weak economy too much.
Investors are also keeping an eye on China’s lockdown and restrictions to stem the spread of the coronavirus infection, as the direction China takes will impact the rest of Asia and global supply chains.
China is extending a pandemic lockdown, including in a city where workers at Apple’s iPhone factory clashed with police this week as the number of COVID-19 cases hit a one-day record.
Wall Street gets several big economic updates next week. The Conference Board trade group is due to release its November consumer confidence report, which could give investors more insight into how consumers are dealing with inflation. The US government also releases its closely watched monthly employment report.
Yuri Kageyama contributed to this report.