Stocks Mixed As Wall Street Closes Strong Week But Crypto Falls

Wall Street is largely holding onto its stupendous surge from a day before, and stock indexes are mixed Friday to keep them on track for a strong gain for the week, Stan Choe reported for the Associated Press (AP).

Photo Insert: Markets got a boost after China relaxed some of its strict anti-COVID measures, which have been hurting the world’s second-largest economy.

The S&P 500 rose 0.3% in afternoon trading after drifting between modest gains and losses. A day earlier, it soared 5.5% in what was its best day since the spring of 2020.

The Dow Jones Industrial Average was down 201 points, or 0.6%, at 33,514, after surging more than 1,200 points a day earlier, while the Nasdaq composite was 1% higher, as of 12:22 p.m. Eastern time, Damian J. Troise and Joe McDonald also reported for AP.

Markets got a boost after China relaxed some of its strict anti-COVID measures, which have been hurting the world’s second-largest economy.

Hopes for more economic growth from China helped not only stocks but also oil prices to rise, with US crude gaining 2.5% to $88.62 per barrel.

Bond markets are closed for trading in observance of Veterans Day. On Thursday, yields plunged as investors pared back their expectations for how aggressively the Fed will raise rates.

The S&P 500 is heading for its third weekly gain in the last four, and its rise of 5.2% is on track to be its biggest since June, Matt Ott reported for AP.

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