STOCKS EDGE HIGHER AFTER ANOTHER CHOPPY TRADING DAY
Wall Street capped another wobbly day of trading Wednesday with an uneven finish for the major stock indexes ahead of the Thanksgiving holiday in the U.S.
The S&P 500 rose 0.2 percent after wavering between small gains and losses most of the morning. The index regained its footing in the final hour of trading.
The Dow slipped less than 0.1 percent after having been down 0.6 percent in the early going. The Nasdaq rose 0.4 percent, getting a lift from a late-afternoon rally in technology stocks.
The Federal Reserve released minutes from its Nov. 2-3 policy meeting, which showed that Fed officials discussed how they “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy. The minutes revealed Fed officials maintained that the spike in inflation this year was still likely to be transitory while acknowledging that the rise in prices had been greater than expected.
Supply chain problems and pressure from inflation have been key concerns for a wide range of industries. Many companies have warned that they are having trouble meeting demand and are dealing with higher costs for raw materials. Those higher costs are being passed off to consumers, who have been paying more for everything from food and other staples to a wide range of retail items.
“You’ve got an environment where the persistence of supply chain issues is starting to wear on people,” said Eric Freedman, chief investment officer at U.S.
Bank Wealth Management.
The S&P 500 rose 10.76 points to 4,701.46. The index set an all-time high last Thursday. The Dow slipped 9.42 points to 35,804.38, and the Nasdaq gained 70.09 points to 15,845.23.
Small company stocks also rose. The Russell 2000 index added 3.60 points, or 0.2 percent, to 2,331.46.
Slightly more stocks in the S&P 500 index fell than rose.
Gains in technology, real estate and energy stocks outweighed a slide in banks, materials companies and elsewhere in the market.
Investors kept an eye on the latest batch of quarterly report cards. Computer maker HP rose 10.10 percent for the biggest gain in the S&P 500 after reporting solid financial results. Autodesk slumped 15.5 percent after the design software company warned investors the pace of its recovery is being impacted by supply chain problems and pressure from inflation.
A mix of retailers that rely on direct consumer spending also turned choppy. Online crafts marketplace Etsy rose 6.2 percent. Gap nosedived 24.1 percent after the clothing chain said supply chain problems crimped its third-quarter earnings and revenue. Department store operator Nordstrom plunged 29 percent after reporting weak third-quarter earnings.
Energy stocks made gains as crude oil prices remained relatively stable and natural gas prices rose. Devon Energy rose 3.8 percent.
It’s been an otherwise uneventful and short week for investors. Markets will be closed today for the Thanksgiving holiday and will close early on Friday.