Stock market today: Wall Street claws back some of this week’s losses in mixed trading
NEW YORK (AP) — Stocks were mixed in morning trading on Wall Street Friday, but managed to claw back some of their losses from a rare bumpy week.
The S&P 500 rose 0.2%, though it is still on track for a loss for the week after three straight weekly gains. The Dow Jones Industrial Average fell 16 points, or less than 0.1% to 43,899 as of 10:06 a.m. Eastern time. The Nasdaq rose 0.5% and is hovering around its record.
Technology stocks were supporting the markets gains, despite the majority of stocks in the S&P 500 falling. Pricey stock values for technology companies give the sector more weight in pushing the market higher or lower.
Broadcom surged 20% after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. The company also raised its dividend.
Artificial intelligence technology has been a focal point for the technoloy sector and the overall stock market over the last year. Tech companies, and Wall Street, expect demand for AI to continue driving growth for semiconductor and other technology companies. Gains for other semiconductor companies also helped lift the market. Micron Technology rose 3.6%.
Furniture and housewares company RH, formerly known as Restoration Hardware, surged 15.1% after raising its forecast for revenue growth for the year.
Wall Street’s rally stalled this week amid mixed economic reports and ahead of the Federal Reserve’s last meeting of the year. The central bank will meet next week and is widely expected to cut interest rates for a third time since September.
Expectations of a series of rate cuts has driven the S&P 500 to 57 all-time highs so far this year.
Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.36% from 4.34% late Thursday.
European markets were mostly higher, though Britain’s FTSE 100 fell 0.2%. Britain’s economy unexpectedly shrank by 0.1% month-on-month in October, following a 0.1% decline in September, according to data from the Office for National Statistics.
Asian markets closed mostly lower.