Friday, September 29, 2023 10:02:50 AM
Stocks rise after new data shows inflation rose less than expected: Live updates
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.
"Today's inflation report will be welcome news to the Fed," said George Mateyo, CIO of Key Private Bank.
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 market is poised to see sharp losses for the month and the quarter, both of which conclude with Friday's close.
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.
People have a great day /weekend too,& don’t let the noise front dark places bother you cause haters are going to hate regardless GoGooooooCOOP TGIF-GLTA-Ts
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