Dow Jones Industrial Average posts new high
The blue-chip average during the session hit an all-time high and set a closing record.
The Dow Jones Industrial Average reached a new high at the last reading session of this week as investors took in fresh information suggesting that inflation readings have moderated.
The blue-chip average during the session hit an all-time high and set a closing record. The Dow 30 gained 137.89 points, or 0.33% to settle at 42,313 index points,
The Nasdaq Composite finished the day down 0.39% at 18,119.59, while the S&P 500 had a minor decline of 0.13% to 5,738.17. However, the technology-heavy index posted losses amid a sell-off in Nvidia.
The S&P 500 and the Dow increased by roughly 0.6% during the third week and the major averages continued to rise. The week saw an almost 1% increase on the Nasdaq.
The U.S. Fed may be more confident in lowering interest rates if traders take heart from the positive inflation data released.
The Federal Reserve’s preferred inflation indicator, the personal consumption expenditures price index, rose 0.1% in August, in line with economists surveyed by Dow Jones. PCE grew at an annualized rate of 2.2%, less than the 2.3% estimate.
Investors and policymakers are looking for a sustained decline in monthly inflation rates, enabling ongoing reductions in borrowing costs and lessening the burden on consumer and business balance sheets.
On Friday, the pan-European Stoxx 600 likewise closed at a record-breaking high. With a 0.5% increase, the index ended at 528.33 points. The gains were 2.75% in chemicals stocks and 2.23% in auto stocks. Luxury brands Moncler and LVMH increased by 10.9% and 2.4%, respectively.
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