As investors anticipated a reading of the Federal Reserve’s favoured inflation gauge and the major averages headed towards weekly losses, stocks gained on Friday.
The Dow Jones Industrial Average increased by 418 points, or 1%, during trading. The Nasdaq Composite gained 0.8%, while the S&P 500 increased by 0.8%.
The personal consumption expenditures price index for June was evaluated by Wall Street, which is a favourite inflation measure among central bank policymakers.
The headline PCE increased 0.1% on a monthly basis and 2.5% over the previous year. That matched projections from economists surveyed by Dow Jones.
Source (CNBC)
