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Stocks moved slightly higher Friday, but are on pace to snap a five-week winning streak after hotter-than-expected inflation reading came out Wednesday.
The Dow Jones Industrial Average rose about 100 points, or 0.3%. The S&P 500 gained about 0.1% and the Nasdaq Composite added 0.2%.
Dow component Johnson & Johnson saw its shares rise more than 1% following a Wall Street Journal report that the company is splitting in two. Johnson & Johnson is reportedly breaking off its consumer health division into a separate publicly-traded company.
The major averages are on track to close the week lower after the hottest inflation report in 30 years. The Dow and the S&P 500 are both down nearly 1%, while the Nasdaq Composite is about 1.5% lower.
This week has seen more dramatic action in the bond market, where the inflation data on Wednesday led to a sharp reversal from the recent decline in the 10-year Treasury yield. The bond market was closed Thursday for Veterans Day and the 10-year yield was mostly flat Friday.
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