U.S. stocks opened higher Friday, but were on track for their worst weekly skid in about nine months as investors struggled to look past fears of a partial government shutdown and a hawkish Federal Reserve.
The Dow Jones Industrial Average was up 79 points, or 0.4%, at 22,951, the S&P 500 index gained 0.4% at 2,476, while the Nasdaq Composite Index advanced 0.5% at 6,561. All three benchmarks were set to post declines for the week of around 5%, which would mark their worst weekly drop since the period ended March 23, according to FactSet data.
In corporate news, shares of Nike surged after reporting quarterly results that were better than expected. Shares of the Dow component were up 8.6%. Friday action also marks quadruple witching, where stock index and individual stock options and futures expire--an event that can stoke volatility. Worries about a partial government shutdown, and the prospect of a Fed that appears less inclined to dial back future rate hikes aggressively in the wake of a market selloff has rattled investors.
Source : Markewatch