Wall Street scored new records with slight gains on Friday in a quiet post-Thanksgiving session.

The S&P 500 rose 0.39%, the Dow Jones Industrial Average gained 0.35%, and the Nasdaq was higher by 0.34%. 

Stock markets closed early at 1 p.m. on Friday after being closed on Thursday for Thanksgiving. Trading volume was a fraction of normal activity. The S&P 500 saw roughly 160 million shares trading hands, far less than its 10-day average of 671 million shares. 

The Dow and S&P 500 also secured new records on Wednesday after minutes from the Federal Reserve Open Market Committee's meeting in November confirmed expectations for an interest rate hike in December. Federal Reserve members have recently taken a hawkish turn as labor market strength has held and inflation has moved toward the Fed's 2% target.

The U.S. trade deficit widened in October more than expected. The Census Bureau reported a $62 billion trade deficit last month after a deficit of $56.5 billion in September. Analysts anticipated a deficit of $59.7 billion.

The U.S. dollar fell back from gains made earlier in the week as a Federal Reserve-inspired rally ran out of steam. The U.S. dollar fell 0.4% against the euro, 0.13% against the Japanese yen, and 0.5% against the Mexican peso.

The U.S. dollar has risen strongly over October and November a rate hike became more likely in December. The chances of a December rate hike from the central bank was bolstered earlier this week after the minutes from the Fed's November meeting indicated an interest rate hike could come "relatively soon." Proposed infrastructure spending plans from President-elect Donald Trump also raised the prospect of higher inflation, pushing the likelihood of future rate increases higher.

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