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

<p><p>Stocks closed higher on Wall Street on Friday, but the market still ended the week lower as inflation worries weighed on investors’ moods earlier in the week.</p></p><p><p>The S&amp;P 500 index added 33.58 points, or 0.7%, to end at 4,682.85. While it closed higher, the benchmark index still ended the week down 0.3%. It was the first weekly loss for the S&amp;P 500 in six weeks.</p></p><p><p>The Dow Jones Industrial Average rose 179.08 points, or 0.5%, to 36,100.31 and the Nasdaq composite closed up 156.68 points, or 1%, to end at 15,860.96. The Dow lost 0.6% for the week and the Nasdaq lost 0.7%.</p></p><p><p>Technology stocks were among the biggest gainers on Friday, with chipmaker Micron Technology rising 3.7% and Apple rising 1.4%.</p></p><p><p>Communications, industrial and health care companies also rose. Spectrum Brands, owner of Cutter bug spray and George Foreman grills, soared 10% after reporting strong quarterly earnings.</p></p><p><p>Johnson &amp; Johnson shares rose 1.2% after the company announced it would divide itself into two separate businesses.</p></p><p><p>The company would split its its Band-Aids and Listerine business from its medical device and prescription drug business.</p></p><p><p>It’s the second big conglomerate to break itself up this month, after General Electric announced it would also split itself into three separate companies.</p></p><p><p>Banks and energy stocks lagged the market. Bank of America slipped 1.5%. The KBW Bank Index of the 24 largest banks closed down 0.2%.</p></p><p><p>Lordstown Motors dropped nearly 18% after giving investors a discouraging production update, with delays stretching to the third quarter of 2022.</p></p><p><p>Tesla fell 2.8% 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 recent 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>Rising inflation, though, has been a lingering concern, 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 Americans quit their jobs at a record pace 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>