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The Dow Jones Industrial Average held on to a 0.5% gain to end the shortened Black Friday holiday trading session. The stock market closed at 1 pm ET.
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The S&P 500, which rose a modest 0.1% earlier, weakened and was flat at the close.
The Nasdaq fell 0.4% in early trading and remained at that level today. The Russell 2000 was up 0.4% at the market close.
Volume on the NYSE and the Nasdaq was significantly lower compared to the same time on Wednesday.
Crude oil was slightly lower at $77.89 a barrel after plunging on Wednesday. China’s escalating Covid lockdowns and uncertainty over Russia’s disputed oil cap are on the verge of chaos.
The yield on the 10-year benchmark Treasury note rose 2 basis points to 3.72%.
Black Friday and holiday discounts at big retailers are likely to be the deepest, according to the National Retail Federation, which expects 8 million more shoppers this weekend than last year.
Target (TGT), to Macy’s (M) and Best Buy (BBY) warned that they would have to offer deeper discounts to offset rising prices on holiday items. BBY and M stocks are above their 50- and 200-day lines while Target is hovering above its 50-day line.
China’s resurgent Covid cases lead to further clamping down. Daily infections rose to a record high, even as China’s zero-Covid policy tightened to combat rising cases.
Crypto exchange Binance is adding another $1 billion to its initial $1 billion recovery fund to avoid “further contagion effects” after the FTX collapse. The fund will support entities that “through no fault of their own, are facing significant short-term financial difficulties.”
Bybit, another crypto exchange, followed with a $100 million fund for institutional clients.
Dow Jones stock news Apple (AAPL) may have acquisition plans Manchester United (MANU) for $7 billion is sending MANU stock rocketing,
Saudi Arabia’s sports minister has also invited private bids for the team and rivals Liverpool. Although Apple’s intentions were not clear or confirmed, MANU shares were up 16% on strong volume while Apple fell more than 2%.
Stocks Moving Out of the Dow Jones
IBD Stock Leaderboard Celsius (CELH) is building a cup base with 118.29 buy point. Shares rose more than 5% on strong volume. Deere (DE) rose slightly after Wednesday’s strong earnings. Earlier, shares broke a cup-with-handle base and bought a point of 406.12.
Dick’s Sporting Goods (DKS) is emerging from consolidation with a buy point of 119.91.
Silvergate Capital (SI) rose nearly 4% on news that Block.one acquired a large stake in the digital bank. Coupa Software (COUP) rose more than 6% on strong volume after news that Vista Equity Partners may acquire the company,
In a different place, Tesla (TSLA) CEO and Twitter chief Elon Musk said the social media platform will launch verified blue checkmarks that will be reviewed by hand before being activated. Meanwhile, Tesla is recalling more than 80,000 cars to fix a software issue affecting the battery management systems in some of its Model S and X vehicles.
Automaker Ford (F) is also facing a recall. Some 634,000 SUVs will be inspected and repaired, due to fuel leaks and fire hazards. Shares of TSLA fell while Ford rose slightly.
Activision Blizzard (ATVI) fell more than 4% after reports that shares of the Dow Jones Microsoft (MSFT) will face opposition from the Federal Trade Commission over its plan to acquire that company.
Follow VRamakrishnan @IBD_VRamakrishnan for more stock market news today.
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