Dow gains more than 100 points but heads for losing week

Stocks moved slightly higher Friday as Wall Street looked to end the week on a positive note after a historic inflation report.

The Dow Jones Industrial Average rose about 85 points. The S&P 500 and the Nasdaq Composite each added 0.1%.

Dow componentJohnson & 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 stock market appears to have withstood the hottest inflation report in 30 years released Wednesday. The major indexes are on track to close the week lower, but are still within striking distance of their recent records.

Randy Frederick, managing director of trading and derivatives for the Schwab Center for Financial Research, said that year-over-year comparisons to an abnormal 2020 and rising wages may have dented the reaction to the inflation report.