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U.S. Stocks Close Friday with Gains
(MENAFN) The New York Stock Exchange delivered a strong Friday finish as traders positioned for an anticipated interest rate reduction at next week's central bank gathering.
The Dow advanced 104.05 points, gaining 0.22% to settle at 47,954.99. Meanwhile, the tech-heavy Nasdaq jumped 72.99 points, climbing 0.99% to reach 23,578.13. The S&P 500 edged up 13.28 points, adding 0.19% to close at 6,870.40.
Market anxiety receded as the Volatility Index (VIX)—Wall Street's so-called "fear index"—dropped 2.34% to 15.41.
Investors digested critical economic indicators ahead of the Federal Reserve's policy decision scheduled for Tuesday and Wednesday, with equity markets trending upward throughout the session.
Economic releases throughout the week painted a complex picture of employment conditions, while Friday's inflation data offered fresh insight into price pressures facing American households.
US Commerce Department figures showed personal spending accelerated 0.3% in September, matching analyst forecasts precisely.
The core personal consumption expenditures price index—the Fed's preferred inflation gauge that strips out volatile food and energy costs—increased 0.2% month-over-month and 2.8% year-over-year in September.
While the monthly figure aligned with predictions, the annual reading came in below the anticipated 2.9% climb. August's core index had registered 0.2% monthly and 2.9% annual gains.
Consumer sentiment data added to the optimistic backdrop, with confidence soaring to 53.3 in December, surpassing market estimates. Crucially, households' near-term inflation expectations tumbled from 4.5% to 4.1% in December—the lowest reading since January.
The combination of these indicators has reinforced widespread expectations that policymakers will approve a rate reduction at the final Federal Open Market Committee gathering of the year.
In corporate developments, Netflix announced a blockbuster $82.7 billion acquisition of Warner Bros., encompassing its film and television production operations, HBO Max, and HBO—representing $72 billion in equity value.
The Dow advanced 104.05 points, gaining 0.22% to settle at 47,954.99. Meanwhile, the tech-heavy Nasdaq jumped 72.99 points, climbing 0.99% to reach 23,578.13. The S&P 500 edged up 13.28 points, adding 0.19% to close at 6,870.40.
Market anxiety receded as the Volatility Index (VIX)—Wall Street's so-called "fear index"—dropped 2.34% to 15.41.
Investors digested critical economic indicators ahead of the Federal Reserve's policy decision scheduled for Tuesday and Wednesday, with equity markets trending upward throughout the session.
Economic releases throughout the week painted a complex picture of employment conditions, while Friday's inflation data offered fresh insight into price pressures facing American households.
US Commerce Department figures showed personal spending accelerated 0.3% in September, matching analyst forecasts precisely.
The core personal consumption expenditures price index—the Fed's preferred inflation gauge that strips out volatile food and energy costs—increased 0.2% month-over-month and 2.8% year-over-year in September.
While the monthly figure aligned with predictions, the annual reading came in below the anticipated 2.9% climb. August's core index had registered 0.2% monthly and 2.9% annual gains.
Consumer sentiment data added to the optimistic backdrop, with confidence soaring to 53.3 in December, surpassing market estimates. Crucially, households' near-term inflation expectations tumbled from 4.5% to 4.1% in December—the lowest reading since January.
The combination of these indicators has reinforced widespread expectations that policymakers will approve a rate reduction at the final Federal Open Market Committee gathering of the year.
In corporate developments, Netflix announced a blockbuster $82.7 billion acquisition of Warner Bros., encompassing its film and television production operations, HBO Max, and HBO—representing $72 billion in equity value.
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