NEW YORK — U.S. stock indexes are drifting around their records as hopes hold that the economy can pull off the rare feat of getting painfully high inflation under control without a recession. The S&P 500 was up 0.2% in early trading Friday, a day after setting an all-time high for the 42nd time this year. The Dow Jones Industrial Average was up 122 points, or 0.3%, and the Nasdaq composite rose 0.2%.
The Fed has acknowledged to some degree that its primary focus has shifted from fighting inflation to supporting the broader economy, in particular, a cooling labor market. While the labor market remains broadly healthy, there have been signs of softening in recent months. Despite Friday's modest gain, oil prices are down more than 4% for the week and are on track to finish the month the in red for the fifth time in six months.
The Hang Seng in Hong Kong advanced 3.6% to 20,632.30 and the Shanghai Composite index jumped 2.9% to 3,087.53. In the latest sign of the malaise hindering growth in the world's second-largest economy, the government reported that industrial profits fell nearly 18% year-on-year in August.
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