Stocks were trading higher in morning trading on Wall Street Thursday and added to gains for the week as traders remain focused on soaring inflation and rising interest rates.

The S&P 500 rose 13.36 points or 0.36% to 3,773.25 as of 10:14 a.m. Eastern time zone. The Dow Jones Industrial Average rose 94.32 points or 0.31% to 30,577.45. The Nasdaq Composite rose 66.85 points or 0.60% to 11,119.93.

Big technology and health care companies led much of the gains. Microsoft added 1.2% and Johnson & Johnson rose 1.5%.

Energy stocks slipped as oil prices declined. Valero fell 2.6%.

Bond yields declined significantly. The yield on the 10-year Treasury slipped to 3.03% from 3.15% late Wednesday.

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Major indexes are moving towards weekly gains amid turbulent trading and a broader slump that has kept the benchmark S&P 500 in the red for 10 of the last 11 weeks. The stock market has gone back and forth between gains and losses as investors try to determine if a recession is imminent.

The Federal Reserve is attempting to curb inflation’s impact with higher interest rates, but the market is concerned that it could go too far in slowing economic growth and bringing on a recession.

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Investors are watching Fed Chair Jerome Powell’s second day of testimony to Congress. He is testifying to a House committee Thursday, a day after testifying to a Senate committee.

On Wednesday Powell said a recession was certainly a possibility as the US central bank tries to control inflation. He is speaking to Congress a week after the Fed raised its benchmark interest rate by three-quarters of a percentage point, its biggest increase in almost four decades. Fed policymakers also predict a more accelerated pace of rate hikes this year and next than they had forecasted three months ago, with its key rate to reach 3.8% by the end of 2023. That would be its highest level in 15 years.

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The Labor Department said fewer Americans applied for unemployment benefits last week as the US job market remains strong despite four-decade high inflation. The robust job market is a bright spot in an otherwise weakening economy, with consumer sentiment and retail sales showing increasing damage from inflation.

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Soaring inflation and weak data from various sectors of the economy remain a key fear for investors. High commodity prices have pressured consumers to shift spending from big-ticket items like electronics to necessities.