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Stocks rose Friday as traders digested new data that pointed to further progress in lowering inflation. Wall Street was also headed for solid weekly gains.
The Dow Jones Industrials prospered 341.53 points to 42,516.64
The S&P 500 index hiked 14.72 points to 5,760.09
The NASDAQ Composite inched up 6.03 points to 18,196.32. The technology-heavy index’s gains were kept in check by a more than 1% decline in Nvidia
The three major indexes are higher for the week, with the S&P 500 up nearly 1% and the Dow on pace to rise 0.5%. The NASDAQ is on track for a roughly 1.5% week-to-date advance.
Traders also received encouraging inflation data that could give the central bank more reason to confidently cut interest rates further. August’s personal consumption expenditures price index — the Federal Reserve’s favored measure of inflation — increased 0.1%, matching expectations from economists polled by Dow Jones. PCE increased 2.2% at an annualized pace, below the 2.3% forecast.
Prices for the 10-year Treasury gained ground yields to 3.77% from Thursday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices forged back up 12 cents at $67.79 U.S. a barrel.
Gold prices hesitated $9.90 to $2,685.00 U.S. an ounce
