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Dow Jones Nears Record High as Inflation Data Meets Expectations
Dow Jones Nears Record High as Inflation Data Meets Expectations
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BTCCSquare news:
The Dow Jones Industrial Average climbed Friday, buoyed by in-line inflation data and resilient consumer spending. The index now sits just 1% below its all-time peak of 46,714.
August's Personal Consumption Expenditures—the Federal Reserve's preferred inflation gauge—rose 0.3% monthly and 2.7% annually, matching forecasts. Core PCE, excluding volatile food and energy prices, similarly aligned with projections at 0.2% monthly and 2.9% yearly gains.
Consumer spending outperformed expectations with a 0.6% monthly increase, while second-quarter GDP estimates were revised upward to 3.8%. The spending resilience comes despite growing consumer dissatisfaction with elevated prices, as reflected in the University of Michigan's sentiment survey.
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