The Dow Jones Industrial Average rose on Friday as Wall Street pushed for solid gains during the holiday-shortened trading week.
The Dow Jones Industrial Average rose 174 points, or 0.51%. The S&P 500 was up 0.06% and the Nasdaq Composite was down 0.36%, weighed down by Activision Blizzard shares, which fell more than 4% on news that The FTC could prevent Microsoft from taking over the gaming company.
Concerns about continued lockdowns in China kept the markets in check. The country is ramping up Covid restrictions after seeing case numbers climb in recent days. Earlier in the week, China It reported its first Covid death since May.
Wall Street appears to be preparing for an upbeat week-shortened holiday close, after Federal ReserveMinutes from the latest meeting added to expectations that monetary policy tightening may slow.
The minutes stated that “a large majority of the participants believed that slowing down the pace of increase would be appropriate in the near future.”
Stocks jumped on the news on Wednesday, posting gains for the second day in a row in a week marked by choppy trading and low volumes. For the week, the Dow is up 1.85% and the S&P 500 is up 1.61%. The tech-heavy Nasdaq lags behind the other two indices but is still up 0.85% for the week.
The markets were closed Thursday for the Thanksgiving holiday and will close at 1 p.m. ET on Friday.
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