The Dow and S&P 500 indexes clinched their first weekly gain in the past three weeks as investors brushed off a stronger-than-expected inflation reading.
NEW YORK, May 29 US stocks climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as both the Dow and S&P 500 indexes clinched their first weekly gain in the past three weeks. Consumer prices, as measured by the personal consumption expenditures (PCE) price.
US stocks climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as the Dow Jones Industrial Average and S&P 500 indices clinched their first weekly gain in the past three weeks.
Consumer prices, as measured by the personal consumption expenditures (PCE) price index excluding the volatile food and energy components, rose 0.7 percent last month, topping analysts’ 0.6 percent estimate and after a 0.4 percent increase in March.
The PCE is the US Federal Reserve’s preferred measure of inflation.
In the 12 months through last month, the core PCE price index surged 3.1 percent, smashing through the Fed’s 2 percent
Read more about Gold flat as dollar and yields firm up ahead of US inflation data on Business Standard. An uptick in the dollar and US Treasury yields pressured bullion, while investors awaited crucial US inflation data later on Friday