Stocks closed higher on Wall Street Wednesday, keeping the market on track for a fourth straight weekly gain.
- The S&P 500 rose 18.43 points, or 0.4%, to 4,556.62.
- The Dow Jones Industrial Average rose 184.74 points, or 0.5%, to 35,273.03.
- The Nasdaq composite rose 65.88 points, or 0.5%, to 14,265.86.
Nvidia fell 2.5% even after reporting blowout profits and handily beating analysts' forecasts. The stock has more than tripled this year amid rapid growth in demand for its chips in artificial intelligence applications, but the company and the sector continue to face pressure because of export restrictions to China. Trading was muted ahead of the Thanksgiving holiday on Thursday. US markets will be open for half a day on Friday.
Crude oil prices fell 0.9% after OPEC said it would postpone its latest conference to next week. The oil cartel has been maintaining a tight market for crude oil with production cuts. The drop in oil prices weighed on energy companies, the AP reports. The sector slipped 0.3%. Energy giant Exxon Mobil fell 0.4% and oilfield services company Halliburton was 0.8% lower. The sharp slide for oil prices helped airlines and other companies that stand to benefit from lower fuel costs. United Airlines rose 0.9% and cruise line Carnival rose 1.9%,
The latest round of corporate earnings is coming to a close and several well-known retailers reported their latest financial results. Department store operator Nordstrom fell 4.6% after trimming its profit forecast for the year. Clothing retailer Guess slumped 12.3% after cutting its financial forecast. Tractor maker Deere, a bellwether for the agricultural industry, fell 3.1% after giving Wall Street a discouraging financial forecast and industry outlook.
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A consumer sentiment survey by the University of Michigan showed that confidence remains strong. Wall Street has been closely watching consumer spending and confidence reports for more clues on the economy's path ahead. "There's a real sense out there that we're making progress," said Brad McMillan, chief investment officer for Commonwealth Financial Network. "Slowing, but growing is what the economy is doing."
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