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Wall Street: Stocks gain ground during the holiday-shortened week



NEW YORK, N.Y. – After the Federal Reserve recent policy meeting showing the central bank officials few signs that inflation is easing stocks were higher on Wall Street in afternoon trading Thursday.

Stock indexes edged higher following release of the minutes from the central bank’s Nov. 1-2 meeting.

The S&P 500 was up 0.6%. The Dow Jones Industrial Average rose 111 points, or 0.3%, to 34,215 and the Nasdaq composite was up 1%.

Technology stocks and some big retailers led the gains. Target rose 3.8%.

Farming equipment maker Deere gained 5.9% after financial results reported were more than analysts expected.

Crude oil prices fell 3.9% and weighed down energy stocks. Hess fell 2.3%.

Long-term Treasury yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.71% from 3.76%.

European markets closed mostly higher and Asian markets closed mixed overnight.

Trading has been unsteady, but major indexes are on track for weekly gains.

U.S. markets will be closed Thursday for Thanksgiving and will close early on Friday.

Keep in mind, Wall Street has been closely watching the latest economic and inflation data for any signs that might allow the Fed to ease up on future rate increases.

Investors are worried that the Fed could slam the brakes too hard on economic growth and bring on a recession.

Consumer spending and the employment market have so far remained strong points in the economy.

The housing market has been slowing this year under the combination of sharply higher mortgage rates and still-rising home prices.

Many actions this week alone has helped bulwark against a recession, but this also means the Fed may have to remain aggressive. Time will tell. Happy Holidays from the KFOR digital desk!



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