Inflation Rises Less Than Expected, Stocks Rise


(MENAFN- Baystreet.ca) Inflation Rises Less than Expected, Stocks Rise






Advertisment


Stocks rose Friday as the latest inflation data gave the market a bump and helped investors make up some ground at the end of a tough month and quarter.
The Dow Jones Industrials gathered 62.88 points to begin the week's and quarter's last session at 33,729.22.
The S&P 500 index added 23.39 points to 4,323.09.
The NASDAQ index sprang up 142.52 points, or 1.1%, to 13,343.79.
The Dow is the only of the three major indexes on track for losses this week, down 0.7%. The S&P 500 is slated to add 0.1%, while the NASDAQ Composite should finish 1.1% higher.
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 nearly 8% 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 climbed, lowering yields to 4.53% from Thursday's 4.58%. Treasury prices and yields move in opposite directions.
Oil prices slid 69 cents to $91.02 U.S. a barrel.
Gold prices eked higher 40 cents to $1,879.









MENAFN29092023000212011056ID1107167722


Baystreet.ca

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.