Stock market today: Wall Street drifts mostly higher as a strong year for markets winds down
By DAMIAN J. TROISE
AP Business Writer
NEW YORK (AP) — Stocks drifted on Wall Street Wednesday as trading remains relatively light ahead of the New Year holiday.
The S&P 500 rose 0.1%. The Dow Jones Industrial Average rose 42 points, or 0.1% as of 10:03 a.m. Eastern. The Nasdaq composite rose 0.2%. Markets are holding on to small gains for the week so far.
The S&P 500 is coming off its eighth straight winning week.
A mix of retailers, auto and travel-related companies were among the biggest gainers. Tesla jumped 2.6% and Booking Holdings rose 0.2%.
Losses for some technology companies offset gains elsewhere. Apple fell 0.4% and Google’s parent company, Alphabet, slipped 0.6%.
Markets in Europe and Asia gained ground.
Bond yields fell. The yield on the 10-year Treasury fell to 3.83% from 3.90% late Tuesday.
Several biotechnology companies made big moves after giving investors updates on drug development. Cytokinetics surged 63% on an encouraging study update for a potential heart condition treatment. Iovance Biotherapeutics shed 20% after pausing a study on a potential lung cancer treatment because of a possible safety issue.
With just three days left in the year, major indexes are on track to post hefty annual gains. The S&P 500 is up 24% for the year, while the Nasdaq, which is heavily weighted with technology companies, is up 44%.
The final week of 2023 lacks any big economic updates. Overall, investors have been encouraged by reports showing inflation is on the decline even as the economy appears stronger than expected. The Federal Reserve is walking a tightrope, seeking to slow the economy enough through high interest rates to cool inflation, but not so much that it tips the nation into recession.
