US stocks gain ground on Wall St ahead of US holiday

NEW YORK, Nov 23, (Agencies): US stocks rose in morning trading on Wall Street Wednesday as traders look ahead to the release of minutes later in the day from the Federal Reserve’s latest policy meeting.

The S&P 500 rose 0.5% as of 10:14 a.m. Eastern. The Dow Jones Industrial Average rose 103 points, or 0.3%, to 34,201 and the Nasdaq rose 0.8%. Technology stocks and some big retailers led the gains. Chipmaker Nvidia rose 2.5% and Target rose 3%.

Farming equipment maker Deere gained 7.3% after reporting stronger financial results than analysts were expecting.

Crude oil prices fell 3.8% and weighed down energy stocks. Hess fell 2%. Long-term Treasury yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.72% from 3.76%.

European markets were mostly higher and Asian markets closed mixed overnight.

Trading has been unsteady during the holiday-shortened week, but major indexes are on track for weekly gains. U.S. markets will be closed Thursday for Thanksgiving and will close early on Friday.

Inflation remains the biggest concern for many investors and the Fed’s latest policy meeting minutes could provide more insight into the central bank’s thinking behind its aggressive interest increases. The central bank’s benchmark rate currently stands at 3.75% to 4%, up from close to zero in March. It has warned that it may have to ultimately raise rates to previously unanticipated levels to cool the hottest inflation in decades.

Wall Street has been closely watching the latest economic and inflation data for any signs that might allow the Fed to ease up on future rate increases. Investors are worried that the Fed could slam the brakes too hard on economic growth and bring on a recession. Consumer spending and the employment market have so far remained strong points in the economy. That has helped as a bulwark against a recession, but also means the Fed may have to remain aggressive.

The number of Americans applying for unemployment benefits rose last week to the highest level since August, but the figure still remains low by historic standards.

Europe

Germany’s DAX edged 0.1% higher 14,435.16 and the CAC 40 in Paris gained 0.2% 6,665.28. Britain’s FTSE 100 added 0.5% to 7,490.18.

Asia

Hong Kong’s Hang Seng index surged 0.6% to 17,523.81 and the Kospi in Seoul rose 0.5% to 2,418.01. In Sydney, the S&P/ ASX 200 climbed 0.7% to 7,231.80.

The Shanghai Composite index gained 0.3% to 3,096.91. Shares also rose in Southeast Asia.

Markets were closed in Japan for a holiday.

Oil

In other trading Wednesday, U.S. benchmark crude gained 70 cents to $81.65 per barrel in electronic trading on the New York Mercantile Exchange. It added 91 cents to $80.95 per gallon on Tuesday.

Brent crude, the standard for pricing international oil for trading, rose 79 cents to $88.49 per gallon.

Currencies

The dollar rose to 141.32 Japanese yen from 141.24 yen. The euro was trading at $1.0325, up from $1.0302.

Also:

KUWAIT CITY: Kuwaiti crude oil rose by 95 cents during Tuesday’s trading sessions to reach USD 86.31 per barrel, compared to 85.36 pb on Monday, Kuwait Petroleum Corporation (KPC) said Wednesday.

Brent futures fell 14 cents to USD 88.22 pb and West Texas Intermediate dropped 15 cents to USD 80.80 pb.