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NEW YORK, Nov. 23 (AP) – Stocks on Wall Street rose in early trading on Wednesday as traders looked ahead to the release of the minutes of the Federal Reserve’s latest policy meeting later in the day.
As of 10:14 a.m. ET, the S&P 500 was up 0.5%.
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The Dow Jones Industrial Average rose 103 points, or 0.3%, to 34,201, while the Nasdaq added 0.8%.
Technology stocks and some big retailers led the gains.
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Chipmaker Nvidia rose 2.5 percent and Target rose 3 percent.
Agricultural equipment maker Deere & Co. posted financial results that beat analysts’ expectations, sending shares up 7.3%.
Crude oil prices fell 3.8%, dragging down energy stocks. Hess fell 2%.
Long-term Treasury yields fell.
The yield on the 10-year US Treasury note, which affects mortgage rates, slipped to 3.72% from 3.76%.
European markets were mostly higher, while Asian markets ended mixed overnight.
Trading has been choppy during the holiday-shortened week, but the major indexes are on track for weekly gains.
U.S. markets were closed on Thursday for Thanksgiving and will be closed early on Friday.
Inflation remains a top concern for many investors, and the minutes of the Federal Reserve’s latest policy meeting could provide more insight into the thinking behind the central bank’s aggressive rate hikes.
The central bank’s benchmark interest rate currently stands at 3.75% to 4%, up from near zero in March.
It warned that it may eventually have to raise interest rates to previously unanticipated levels to cool the worst inflation in decades.
Wall Street has been closely watching the latest economic and inflation data for any sign that the Fed might ease off on future rate hikes.
Investors worry that the Fed could hit the brakes on growth too hard and cause a recession.
So far, consumer spending and the job market remain the economy’s strong points.
That helps ward off recession, but also means the Fed may have to stay aggressive.
The number of Americans filing for unemployment benefits last week rose to the highest level since August, but the number remains low by historical standards.
A November survey by the University of Michigan showed consumer confidence had risen more than economists had expected since October. (Associated Press)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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