Stocks edged higher as investors absorbed a key inflation metric that met economist expectations.
The Dow Jones Industrial Average rose by 38 points, or 0.1%. The S&P 500 gained 0.5%, while the Nasdaq Composite advanced 0.9%.
Recent data revealed that the Federal Reserve’s preferred inflation gauge, the core personal consumption expenditures price index, increased by 0.4% for the month and 2.8% from a year ago, in line with expectations. The overall PCE, which includes food and energy categories, rose by 0.3% monthly and 2.4% on a 12-month basis, also meeting estimates.
There were indications that consumer spending remains strong, contributing to the positive market sentiment.
Source (CNBC)
