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The Dow Jones Industrial Average climbed to a fresh record on Friday as traders digested new data that pointed to further progress in lowering inflation. Wall Street was also headed for solid weekly gains.
The blue-chip index ballooned 422.26 points, or 1%, to 42,597.37
The S&P 500 index hiked 7.33 points to 5,752.70
The NASDAQ Composite retreated 36.37 points to 18,153.92. The technology-heavy index’s gains were kept in check by a more than 2% 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 dipped 11 cents at $67.56 U.S. a barrel.
Gold prices flopped $21.10 to $2,673.50 U.S. an ounce
