Stocks rise a second day | Fed minutes signal smaller hikes | The ultimate Thanksgiving portfolio

The major averages climbed on Wednesday, the last full trading day of the week.

VIEW IN BROWSER | SUBSCRIBE WED, NOV 23, 2022 EVENING BRIEF AS OF WED, NOV 23, 2022 • 04:47 ET DJIA +% + S&P 500 +% + NASDAQ +% + Most Active DOW NAME LAST CHG %CHG AAPL 151.07 +0.89 +0.59% INTC 29.67 -0.15 -0.50% MSFT 247.58 +2.55 +1.04% S&P 500 NAME LAST CHG %CHG TSLA 183.20 +13.29 +7.82% AMD 76.40 +1.15 +1.53% AMZN 94.13 +0.93 +1.00% NASDAQ NAME LAST CHG %CHG TSLA 183.20 +13.29 +7.82% AMD 76.40 +1.15 +1.53% AMZN 94.13 +0.93 +1.00% EDITOR'S NOTE Stocks have been volatile all week but were particularly choppy on Wednesday, the last full trading day ahead of Thanksgiving on Thursday.   Markets wavered throughout the day, with the Dow Jones Industrial Average bouncing between gains and losses, until the minutes from the Federal Reserve's November meeting were released at 2:00 p.m. ET.   That sent the Dow sharply higher as Wall Street cheered the minutes, which showed the central bank expects to slow the pace of rate hikes soon. But stocks continued to whiplash, and the Dow ultimately ended the day with a gain of nearly 96 points.    Part of the reason for the large swings this week is low trading volume as traders take off for the holidays. When there aren't as many stocks trading and there aren't many market-moving catalysts, the fluctuations can look outsized.    On Wednesday, for example, trading volume on the SPDR S&P 500 ETF Trust (SPY) was down sharply from its 30-day average. By late afternoon, the fund traded more than 50 million shares, where its 30-day average is more than 92 million shares, according to FactSet data.     In addition to trading volume being low, "the catalysts have been few and far between this week," said Art Hogan, chief market strategist at B. Riley Financial.   That's likely why stocks surged as much as they did around the release of the minutes, which generally confirmed what traders had already suspected — that the central bank anticipates stepping down its rate hikes soon and will most likely raise interest rates by only 0.5 of a percentage point in December.    "You've got a market that's got a very singular focus," on monetary policy, Hogan added.    Carmen Reinicke | Investing Reporter at CNBC Pro @csreinicke Watch our live stream for all you need to know to invest smarter. Watch Live TOP NEWS Stocks close higher for a second day as Fed minutes signal smaller rate hikes ahead Fed officials see smaller rate hikes coming 'soon,' minutes show Here's the apology letter Sam Bankman-Fried sent to FTX employees: 'When sh---y things happen to us, we all tend to make irrational decisions' Apple and Elon Musk's Twitter are on a collision course The ultimate Thanksgiving portfolio with costs on the rise Investors in some retail stocks have more than holiday spending to worry about Disney CEO Bob Iger to hold town hall with employees on Monday Google has avoided mass layoffs so far, but employees worry their time may be coming DOJ seeking to question Pence in criminal probe of Trump trying to stay in White House, report says TSA sees 'concerning' rise in number of firearms at security checkpoints – and most are loaded TOP VIDEO Lower gas prices probably mean more traffic this Thanksgiving CNBC PRO Gilman Hill's Harrington on why this cheap retail stock is a buy as holiday season commences SPECIAL REPORTS IRS warns taxpayers about new $600 threshold for third-party payment reporting Black Friday car deals are hard to come by even as prices ease. Here's what to expect Unsubscribe Digital Products Manage Newsletters Feedback Terms of Service Privacy Policy Join the CNBC Panel © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal.   900 Sylvan Avenue, Englewood Cliffs, NJ 07632   Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis.   Data also provided by THOMSON REUTERS