UPDATE: Stocks edge higher after another choppy day on Wall Street

Wall Street capped another wobbly day of trading Wednesday with an uneven finish for the major stock indexes ahead of Thanksgiving. (AP Photo/Mary Altaffer, File)
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Wall Street capped another wobbly day of trading Wednesday with an uneven finish for the major stock indexes ahead of Thanksgiving. (AP Photo/Mary Altaffer, File)

Credit: Mary Altaffer

Credit: Mary Altaffer

Wall Street capped another wobbly day of trading Wednesday with an uneven finish for the major stock indexes ahead of Thanksgiving.

The S&P 500 rose 0.2% after wavering between small gains and losses most of the morning. The benchmark index regained its footing in the final hour of trading.

The Dow Jones Industrial Average slipped less than 0.1% after having been down 0.6% in the early going. The Nasdaq rose 0.4%, getting a lift from a late-afternoon rally in technology stocks.

The Federal Reserve released the minutes from its October policy meeting, which showed that Fed officials discussed how they “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy.

The minutes also revealed Fed officials maintained that the spike in inflation seen this year was still likely to be transitory while acknowledging that the rise in prices had been greater than expected. The minutes covered a meeting in which the Fed voted to take the first steps to roll back the massive support it has provided to the economy struggling to recover from a global pandemic.

Supply chain problems and pressure from inflation have been key concerns for a wide range of industries. Many companies have warned that they are having trouble meeting demand and are dealing with higher costs for raw materials. Those higher costs are being passed off to consumers, who have been paying more for everything from food and other staples to a wide range of retail items.

“You’ve got an environment where the persistence of supply chain issues is starting to wear on people,” said Eric Freedman, chief investment officer at U.S. Bank Wealth Management.

The S&P 500 rose 10.76 points to 4,701.46. The index set an all-time high last Thursday. The Dow slipped 9.42 points to 35,804.38, and the Nasdaq gained 70.09 points to 15,845.23.

Small company stocks also rose. The Russell 2000 index added 3.60 points, or 0.2%, to 2,331.46.

Slightly more stocks in the S&P 500 index fell than rose. Gains in technology, real estate and energy stocks outweighed a slide in banks, materials companies and elsewhere in the market.