US stock market off today on Thanksgiving

US stock market is off on Thursday after one of the best weekly performances

The US stock market will be closed on Thursday for the Thanksgiving holiday, with trading resuming on Friday in a shortened session.

At the close of trading on Wednesday, the Dow Jones Industrial Average rose 0.65% to 47,427 points. The S&P 500 gained 0.7% to 6,812 points, and the Nasdaq Composite climbed 0.8% to 23,214 points.

The indexes are on track for their best weekly performance since late June, with the S&P 500 up more than 3% since the start of the week, the Nasdaq Composite up more than 4%, and the Dow Jones adding more than 2%.

This week's gains have helped all three indexes reduce their monthly losses, amid concerns about the high valuations of technology stocks and uncertainty surrounding the outlook for US interest rates.