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Stocks up in short week; FCC bans import of tech from Huawei, ZTE

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Stocks wobbled to a mixed close on Wall Street Friday, but every major index notched weekly gains in a holiday-shortened week.

Investors faced a relatively quiet day, though concerns about inflation, high interest rates and a potential recession still hover over Wall Street. Markets were closed on Thursday for the Thanksgiving holiday and closed at 1 p.m. Friday.

The S&P 500 fell 1.14 points, or less than 0.1%, to close at 4,026.12. Nearly 70% of stocks in the benchmark index gained ground, but the broader market was dragged lower by technology companies. High valuations for companies in the technology sector tend to give it more heft in pushing the market higher or lower.

The Dow Jones Industrial Average rose 152.97 points, or 0.4%, to 34,347.03. The Nasdaq fell 58.96 points, or 0.5%, to 11,226.36.

FCC bans sales, import of tech from Huawei, ZTE

The U.S. is banning the sale of communications equipment made by Chinese companies Huawei and ZTE and restricting the use of some China-made video surveillance systems, citing an “unacceptable risk” to national security.

The 5-member Federal Communications Commission said Friday it has voted unanimously to adopt new rules that will block the importation or sale of certain technology products that pose security risks. It’s the latest in a years-long escalation of U.S. restrictions of Chinese technology that began with President Donald Trump and has continued under President Joe Biden’s administration.

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