U.S. stocks enter holiday on high note

Tech sector firms enjoy gains as Treasury yields stay steady

Stocks closed broadly higher Wednesday on Wall Street, keeping the market on pace for a fourth straight winning week.

The S&P 500 rose 0.4 percent, with nearly all of its sectors notching gains on the final day of trading ahead of the Thanksgiving holiday in the U.S. The Dow Jones Industrial Average and the Nasdaq composite each rose 0.5 percent.

All told, the S&P 500 added 18.43 points to 4,556.62. The Dow rose 184.74 points to 35,273.03, and the Nasdaq gained 65.88 points to 14,265.86.

Technology and communications services stocks accounted for a big share of the gains for the S&P 500. Microsoft rose 1.3 percent, and Google parent Alphabet added 1.1 percent.

Energy stocks were the only laggard, slipping 0.1 percent. The price of U.S. crude oil fell 0.9 percent 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. Energy giant Exxon Mobil fell 0.4 percent, and oilfield services company Halliburton dropped 0.8 percent.

The pullback in oil prices helped boost shares in airlines and other companies that stand to benefit from lower fuel costs. United Airlines rose 0.9 percent and American Airlines gained

1.5 percent. Cruise line operator Carnival rose 1.9 percent.

Nvidia fell 2.5 percent, despite handily beating analysts’ profit and revenue forecasts. The company continues to face pressure because of export restrictions to China. Nvidia’s stock has more than tripled this year amid booming demand for its chips in artificial intelligence applications.

Treasury yields were relatively steady. The yield on the 10-year Treasury rose to 4.41 percent from 4.40 percent late Tuesday. The yield on the 2-year Treasury slipped to 4.88 percent from 4.89 percent late Tuesday.

A consumer sentiment survey by the University of Michigan showed that confidence remains strong. Wall Street has been watching consumer spending and confidence reports for more clues on the economy’s path.

“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.”