The Nasdaq Composite crept higher Friday, while the S&P 500 and Dow industrials were little-changed after a post-Fed rally.
Indexes are sitting on large gains for the week. The Dow closed at a record Thursday, aided by Wednesday’s dovish messages from the Federal Reserve.
The benchmark 10-year Treasury yield was little-changed, trading below 4% for a second straight day.
In early afternoon action:
Major indexes were mixed. The tech-heavy Nasdaq was up 0.2%.
Treasury yields held below 4%. The benchmark 10-year yield was little changed, after settling on Thursday below 4% for the first time since July.
U.S. PMIs showed a growing services economy. The S&P flash U.S. services PMI rose to a five-month high of 51.3 in November, from 50.8 the prior month. Manufacturing PMI fell to a four-month low.
Costco rallied. The wholesaler was up nearly 4% after reporting earnings that beat expectations. Shares of Boeing were rising for an eighth straight day.
European government debt rallied. German and Italian yields dropped after surveys of eurozone economic activity undershot expectations, driving optimism about easier policy from the European Central Bank. The Stoxx 600 index rose to a new 52-week high.
Stocks in Asia were mixed. Hong Kong’s Hang Seng Index jumped 2.4%, even as mainland Chinese stocks sank. New data on China’s economy was mixed, and the central bank in Beijing injected more funds into the financial system.
Read More: Dow, Nasdaq Inch Higher; S&P 500 Changes in Focus