Indices Head Toward Losing Month, Quarter
(MENAFN- Baystreet.ca) Indices Head Toward Losing Month, Quarter
The S&P 500 advanced on Friday as the latest inflation data helped investors make up some ground at the end of a tough month and quarter.
The Dow Jones Industrials moved into the red 62.31 points to move into afternoon at 33,604.03.
The much-broader index added 5.3 points to 4,305.
The NASDAQ index sprang up 78.55 points to 13,280.79.
The S&P 500 is set to finish the month down 4% and the quarter lower by 2.8%. The NASDAQ Composite is off 5% in September, and down 3.3% for the quarter. Both are on track to post their worst months this year. The Dow is on track for a 2.6% decline this month and a 1.7% fall for the quarter.
Nike shares added more than 6% after the apparel giant reported fiscal first-quarter earnings that beat analyst expectations.
Friday's personal consumption expenditures price index reading, the Federal Reserve's preferred inflation metric, helped perk up the market.
So-called core PCE, which strips out volatile food and energy prices, rose 0.1% in August and 3.9% year over year. Economists polled by Dow Jones expected that the core PCE would advance 0.2% on a monthly basis and 3.9% year over year.
Prices for the 10-year Treasury took on some strength, lowering yields to 4.56% from Thursday's 4.58%. Treasury prices and yields move in opposite directions.
Oil prices slid 83 cents to $90.88 U.S. a barrel.
Gold prices ducked back $7.60 to $1,870.80.
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