The Dow Jones Industrial Average rose on Friday as Wall Street pushed for solid gains in the holiday-shortened trading week.
The Dow Jones Industrial Average rose 173 points, or 0.51%. The S&P 500 gained 0.03% and the Nasdaq Composite slipped 0.55%, dragged down by shares of Activision Blizzard, which fell more than 4% following the announcement that the The FTC could block Microsoft from taking over the gaming company.
Concerns about continued lockdowns in China kept markets in check. The country is stepping up Covid restrictions after seeing the number of cases climb in recent days. Earlier in the week, China reported its first Covid deaths since May.
Wall Street appears poised to close an upbeat holiday-shortened week after the Federal ReserveThe latest minutes from the meeting reinforced expectations that monetary policy tightening could slow.
“A substantial majority of participants felt that a slower pace of increase would likely soon be appropriate,” the minutes read.
Shares jumped on the news on Wednesday, marking the second straight day of gains in a week marked by choppy trading and low volumes. For the week, the Dow is up 1.75% and the S&P 500 up 1.66%. The tech-heavy Nasdaq trails the other two indexes, but is still up almost 1% on the week.
Markets were closed Thursday for the Thanksgiving holiday and will close at 1 p.m. ET on Friday.