The S&P 500 was up 0.2% in the early going Thursday and the tech-heavy Nasdaq was down 0.1%. The Dow Jones Industrial Average was up 0.5%. Energy companies were doing better than the rest of the market. Exxon Mobil was up a little over 2%. Crude oil prices turned higher after closing at their lowest point of the year a day earlier. Bond yields rose. The yield on the 10-year Treasury note, which helps set mortgage rates, rose to 3.50%.
Most observers expect the Fed to raise its rate by another half-point when it meets next week, which would be a slightly lighter touch than its last four increases of three-quarters of a point. Experts warned, however, that the "zero-COVID" restrictions can't be lifted completely until at least mid-2023 because millions of elderly people still must be vaccinated and the health care system strengthened.
In Asian trading, Hong Kong's Hang Seng gained 3.4% to 19,450.23, while the Shanghai Composite lost 0.1% to 3,197.35. Wall Street ended a wobbly day of trading with more losses Wednesday, with the S&P 500 down 0.2% in its fifth straight loss. The Nasdaq composite, which is heavily weighted with tech stocks, fell 0.5% and the Dow industrials were flat.
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