Stock market today: Wall Street edges higher, but it's still heading for its first losing week in 3
Stocks are drifting higher, but not by enough to knock Wall Street off course for its first losing week in the last three
NEW YORK — Stocks are drifting higher Friday, but not by enough to knock Wall Street off course for its first losing week in the last three.
The S&P 500 was 0.3% higher in midday trading following three straight days of declines. The Dow Jones Industrial Average was up 90 points, or 0.3%, at 34,591, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.
Stocks have been under pressure this week because of worries that a too-warm economy will push the Federal Reserve to keep interest rates high for longer. Traders have called off some bets for the Fed to cut interest rates next year, after reports showed the U.S. economy remains resilient despite much higher rates and struggles for other economies around the world.
Such worries have pushed yields higher in the bond market, which hurts stock prices. But yields were easing on Friday, helping to give Wall Street a bit of relief.
The yield on the 10-year Treasury dipped to 4.22% from 4.25% late Thursday. The two-year Treasury yield, which more closely tracks expectations for the Fed, slipped to 4.93% from 4.95%.
Companies are basically done with reporting their earnings results for the spring, but a few on Friday were making some of the largest moves.
Smith & Wesson Brands jumped 12.5% after the gun maker reported stronger results for the three months through July than analysts expected. The summer is usually a lean season for the company, but its sales rose 35% from a year earlier.
Kroger was 4.3% higher after swinging between gains and losses following its earnings report. The grocer's profit for the latest quarter topped analysts'
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