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The S&P 500 rose Friday after the latest personal consumption expenditures price index came in-line with expectations, as Wall Street wrapped up a losing week and month.
The Dow Jones Industrials gained 255.79 points to 43,495.29
The much-broader index recovered 28.08 points, to 5,889.65
The NASDAQ Composite gained 90.99 points to 18,635.41
Month to date, the NASDAQ has led the way down, sliding around 5% in February due largely to a 4.5% drop this week.
The technology-heavy NASDAQ is on pace for its worst month since September 2023.
The S&P 500 has declined 2.1% for the week and around 2.5% in February. The broad market index is on track for its worst week since September 2024, and biggest monthly decline since April 2024.
Meanwhile, the Dow has managed to inch up 0.1% for the week. Month to date, however, the 30-stock index has dropped 2.4%.
The latest PCE reading showed that inflation eased slightly in January, according to a report from the Commerce Report. The PCE price index, which is the Federal Reserve’s preferred inflation measure, increased 0.3% for the month and 2.5% on an annual basis.
Investors have been rattled in recent days by President Donald Trump’s promise of tariffs and recent economic reports flashing warning signs. A decline of 8.5% in megacap tech titan Nvidia in Thursday’s session the back of earnings threw more cold water on investor sentiment.
Prices for the 10-year Treasury gained, lowering yields to 4.24%, compared to Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices slid 89 cents to $73.15 U.S. a barrel.
Prices for gold faded $34.30 an ounce to $2,861.60 U.S.
