Stocks wavered in uncertain trading on Wall Street, but major indexes are on track to notch weekly gains. The S&P 500 edged higher Friday. The Dow Jones Industrial Average rose and the Nasdaq f…
Stocks wavered in uncertain trading on Wall Street Friday, but major indexes are on track to notch weekly gains.
More than half of the stocks within the benchmark S&P 500 index gained ground, but losses by some big technology companies weighed down the broader market. High valuations for companies in the technology sector tend to give them more heft in pushing the market higher or lower.The major indexes are all headed for a weekly gain after a bumpy but short week. Markets were closed on Thursday for the Thanksgiving holiday and they will close at 1 p.m. Eastern Friday.
The biggest concern for investors has been 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.
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.
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