Wall Street spent the day mulling over encouraging reports on inflation, consumer spending and income.
Stocks on Wall Street finished broadly higher as the market closed out its fourth straight winning month with solid gains.
The Commerce Department said its personal consumption and expenditures report showed prices rose just 0.2 per cent from June to July, up slightly from the previous month’s 0.1 per cent increase. Compared with a year earlier, inflation was unchanged at 2.5 per cent.Economists had expected the PCE, which is the Federal Reserve’s preferred measure of inflation, would to show that inflation edged up to 2.6 per cent in July. It was as high as 7.1 per cent in the middle of 2022.
Technology stocks led the market. Marvell Technology climbed 9.2 per cent after its latest quarterly results hit Wall Street’s sales and profit targets. Other chipmakers also rose. Broadcom added 3.8 per cent and Nvidia gained 1.5 per cent. All told, the S&P 500 rose 56.44 points to 5,648.40. The Dow rose 228.03 points to close at 41,563.08. The Nasdaq gained 197.19 points to 17,713.62.
Investors will be looking for clues on the Fed’s next move next Friday, when the government serves up its latest monthly jobs report. Economists polled by FactSet are expecting the economy added 155,000 jobs in August. That would follow a gain of 114,000 the previous month.
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