Inflation Rises Less Than Expected, Stocks Rise
Date
9/29/2023 3:14:19 PM
(MENAFN- Baystreet.ca) Inflation Rises Less than Expected, Stocks Rise
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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.
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