Wall Street stocks opened higher on Thursday after fresh data hinted at the easing in inflation that the Federal Reserve is looking for.
The Dow Jones Industrial Average (^DJI) popped 0.5%, or almost 170 points, also buoyed by a jump in Salesforce shares (CRM) after the software giant's AI-fueled earnings beat. The S&P 500 (^GSPC) added 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) put on 0.3%.
Thursday's update to the Personal Consumption Expenditures (PCE) Index showed the Fed's preferred inflation measure edged higher in July, with both headline and "core" readings in line with expectations.
"Despite the apparent strength of real demand, inflationary pressures continued to ease," Oxford Economics' economist Paul Ashworth wrote in a note to clients.
Stocks are eyeing a fifth straight day of gains to close out a losing August, as investors take heart from signs of a soft landing for the US economy in this week's clutch of data. That is spurring bets the Fed could ease off on its interest rate hikes at its upcoming September meeting.
Meanwhile, US jobless claims fell to 228,000 last week, undershooting expectations for 235,000, according to official figures released Thursday. That sets the scene for Friday's August jobs report, seen as key to the Fed's decision making in its mission to temper price pressures.
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August 31, 2023 at 11:36PM
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Stocks rise after PCE data signals cooling inflation: Stock market news today - Yahoo Finance
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