Stocks rise on Wall Street, but on track for weekly losses

<p><p>Stocks rose broadly in afternoon trading on Wall Street Friday, but remain on track for weekly losses.</p></p><p><p>The S&amp;P 500 index rose 0.7% as of 12:01 p.m. Eastern. The Dow Jones Industrial Average rose 178 points, or 0.5%, to 35,997 and the Nasdaq rose 0.9%.</p></p><p><p>Technology stocks were among the biggest gainers. Chipmaker Micron Technology rose 4.6% and Apple rose 1.3%.</p></p><p><p>Communications, industrial and health care companies also rose.</p></p><p><p>Facebook parent Meta gained 4%. <a href=”https://apnews.com/article/business-johnson-and-johnson-health-prescription-drugs-be49e5beca59dfcb3457be62f4cfa2e9″ target=”—blank”>Johnson &amp; Johnson</a> rose 1.5% on news it’s splitting its Band-Aids and Listerine business from its medical device and prescription drug business.</p></p><p><p>Spectrum Brands, owner of Cutter bug spray and George Foreman grills, soared 12% after reporting strong quarterly earnings.</p></p><p><p>Banks and energy stocks lagged the market. Bank of America slipped 1%.</p></p><p><p>Lordstown Motors slumped 15% after giving investors a discouraging production update, with delays stretching to the third quarter of 2022.</p></p><p><p><a href=”https://apnews.com/article/business-us-securities-and-exchange-commission-elon-musk-a695a423563d8e49e7e95aec97205a23″ target=”—blank”>Tesla</a> fell 3.5% after CEO Elon Musk sold another chunk of his stock on following a pledge on Twitter to liquidate 10% of his holdings in the electric car maker.</p></p><p><p>Bond yields edged higher. The yield on the 10-year Treasury rose to 1.57% from 1.55% from late Wednesday. The bond market was closed on Thursday.</p></p><p><p>The benchmark S&amp;P 500 is headed for its first weekly loss in six weeks, along with the Dow and Nasdaq.</p></p><p><p>The winning streak for stocks, which produced a series of record highs for the major indexes, came to an end as investors shifted focus from corporate earnings to rising inflation.</p></p><p><p>Investors reviewed mostly solid corporate report cards over the last several weeks.</p></p><p><p>A wide range of companies showed that they were able to successfully navigate both the summer surge of COVID-19 cases and lingering supply chain problems.</p></p><p><p><a href=”https://apnews.com/article/why-is-us-inflation-so-high-77dc786442ccc3ed8092a7647716d682″ target=”—blank”>Rising inflation, though, has been a lingering concern</a>, with companies warning that higher raw materials costs and supply chain disruptions could crimp their finances.</p></p><p><p>Prices have also been rising for consumer goods and essential items, raising concerns that people could pull back on spending and hurt the economic recovery.</p></p><p><p>Those inflation concerns were further stoked this week with discouraging reports on price increases for companies and consumers.</p></p><p><p>On Tuesday, the Labor Department reported that inflation at the wholesale level surged to a record high in October.</p></p><p><p>On Wednesday, the agency gave Wall Street a hotter-than-expected inflation report that showed consumer prices also surged, hitting their fastest overall pace since 1990.</p></p><p><p>Outside of inflation concerns, investors are also closely watching for data that could give a clearer picture of how various parts of the economy are recovering.</p></p><p><p>The Labor Department on Friday released data that showed <a href=”https://apnews.com/article/business-f155e50d450936fbf666bef07185b0b5″ target=”—blank”>Americans quit their jobs at a record pace</a> for the second straight month in September.</p></p><p><p>The figures point to a historic level of turmoil in the job market as newly-empowered workers quit jobs to take higher pay that is being dangled by businesses in need of help.</p></p><p><p>Wall Street will get another update on spending Tuesday when the Commerce Department releases its retail sales report for October.</p></p><p><p>There are still several big companies on deck to report earnings and give investors a better sense of how the retail industry is doing.</p></p><p><p>Home Depot and Walmart will report their results on Tuesday and Target will report its results on Wednesday. Macy’s will report earnings on Thursday.</p></p>