Title: S&P 500 Closes Slightly Higher Amid Concerns Over Rising Interest Rates
Date: [Insert Date]
Author: [Insert Author Name]
The S&P 500 managed to close slightly higher on Friday, despite posting weekly declines along with the Dow Jones Industrial Average and Nasdaq Composite. Investors remain concerned about the impact of rising interest rates and are eagerly awaiting U.S. inflation readings.
Traders are betting heavily on a 93% probability that the Federal Reserve will keep rates at their current levels after the next meeting. However, there is a divided 53.5% chance for a pause in November, suggesting that uncertainty continues to grip the markets.
The downward pressure on stocks was also attributed to lower yields on 10-year Treasury notes.
The Dow Jones Industrial Average rose 0.22%, the S&P 500 gained 0.14%, and the Nasdaq Composite added 0.09%. However, for the week, the S&P 500 fell 1.3%, the Nasdaq lost 1.9%, and the Dow fell 0.8%.
Apple, the tech giant, managed to eke out a small gain of 0.3% for the day. However, concerns over its future performance caused the stock to close $2 below its session high. The stock faced downward pressure throughout the week after news broke that central government employees in China had been banned from using iPhones at work.
On a positive note, the S&P 500 technology sector closed higher on Friday after two consecutive days of losses. Meanwhile, the energy sector saw the biggest gains.
The defensive utilities sector saw a daily gain of 0.96%, while the real estate sector experienced the largest decline, losing 0.63%.
Kroger, the supermarket chain, closed up 3% after beating estimates for quarterly adjusted profit. In contrast, pharmaceutical company Gilead Sciences rose 2.8% after receiving an upgrade to “buy” by BofA Securities.
GameStop, the video game retailer, finished down 6% following reports of an investigation into the company’s chairman by the U.S. Securities and Exchange Commission.
Advancing issues slightly outnumbered declining ones on both the NYSE and Nasdaq. The S&P 500 had 13 new 52-week highs and 17 new lows, while the Nasdaq Composite recorded 36 new highs and 229 new lows.
In terms of trading volume, approximately 8.89 billion shares changed hands on U.S. exchanges.
Despite the overall volatility and weekly declines, the slight upward movement in the S&P 500 offered a glimmer of hope for investors. However, concerns over rising interest rates and geopolitical tensions are likely to continue shaping market dynamics in the near future.
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