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NEW YORK (AP) — Stocks were mixed in morning trading on Wall Street Friday but managed to pare some of their losses after a rare bumpy week.
The S&P 500 rose 0.2% but is still on track for a loss for the week after three straight weekly gains. The Dow Jones Industrial Average fell 16 points, or less than 0.1%, to 43,899 at 10:06 a.m. Eastern Time. The Nasdaq rose 0.5% and is hovering near its record.
Technology stocks supported market gains even as the majority of stocks in the S&P 500 fell. Pricey stock values for technology companies give the sector more weight in pushing the market higher or lower.
Broadcom rose 20% after the semiconductor company beat Wall Street’s earnings targets and issued a positive forecast highlighting its artificial intelligence products. The company also increased its dividend.
Artificial intelligence technology has been a focus for the tech sector and the stock market as a whole over the past year. Technology companies and Wall Street expect that demand for AI will continue to drive the growth of semiconductor and other technology companies. Gains for other semiconductor companies also helped lift the market. Micron Technology rose 3.6%.
Furniture and homewares company RH, formerly known as Restoration Hardware, rose 15.1% after raising its sales growth forecast for the year.
Wall Street’s rally stalled this week amid mixed economic news and ahead of the Federal Reserve’s final meeting of the year. The central bank meets next week and is widely expected to cut interest rates for the third time since September.
Expectations of a series of rate cuts have fueled the S&P 500 57 all-time highs so far this year.
Government bond yields rose higher. The yield on the 10-year government bond rose to 4.36% from 4.34% at the end of Thursday.
European markets were mostly higher, although the UK FTSE 100 fell 0.2%. The UK economy unexpectedly shrank by 0.1% month-on-month in October, following a 0.1% decline in September, according to data from the Office for National Statistics.
Asian markets closed mostly lower.
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