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Wall Street Drifts Lower Friday        12/01 09:19

   Stocks drifted lower in morning trading on Wall Street Friday as the market 
comes off its best month in more than a year.

   NEW YORK (AP) -- Stocks drifted lower in morning trading on Wall Street 
Friday as the market comes off its best month in more than a year.

   The S&P 500 slipped 0.1%. The Dow Jones Industrial Average rose 57 points, 
or 0.2% to 36,011 as of 10:01 a.m. Eastern. The Nasdaq fell 0.3%.

   Big communication and technology companies were the heaviest weights on the 
market. Chipmaker Intel fell 2.4% and Google's parent company, Alphabet, fell 
1.1%.

   Wall Street had a mixed batch of late earnings reports and financial updates 
to review. Computer maker Dell fell 5.3% after giving investors a 
weaker-than-expected revenue forecast. Beauty products retailer Ulta Beauty 
rose 12% after reporting results that beat estimates.

   Investors were dealing with an otherwise quiet day in a week that included 
some key economic reports. Treasury yields held steady and crude oil prices 
were relatively stable. European markets were slightly higher and Asian markets 
closed mostly lower.

   Markets marched steadily higher through much of November as investors grew 
hopeful that the Federal Reserve is finally done raising interest rates in its 
fight to control inflation. Recent economic data supports that view.

   On Thursday, the Fed's preferred measure of inflation showed a cooling last 
month. Inflation has been easing overall since the middle of 2022 when the Fed 
started aggressively raising its benchmark interest rate.

 
 
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