US stocks rise after economic data

NEW YORK: US stocks climbed on Friday as investors parsed the latest economic data, reported Xinhua.

The Dow Jones Industrial Average rose 28.67 points, or 0.08 per cent, to 33,978.08. The S&P 500 added 10.13 points, or 0.25 per cent, to 4,070.56. The Nasdaq Composite Index increased 109.30 points, or 0.95 per cent, to 11,621.71.

Six of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and real estate up 2.27 per cent and 0.94 per cent, respectively, outpacing the rest. Energy dipped 1.99 per cent, the worst-performing group.

The US Commerce Department reported Friday that the US Personal Consumption Expenditures price index excluding food and energy, a key measure of inflation, increased 4.4 per cent year on year in December, down from the 4.7-per cent reading in November and roughly in line with market consensus.

“Improving supply chain functioning is calming core inflation, but the Fed’s current inflation focus, core services ex-shelter, is still too high,“ Chris Low, chief economist at FHN Financial, said Friday in a note.

Elsewhere, US consumer sentiment index rose to 64.9 in January, up from 59.7 in December, according to a survey released by the University of Michigan.

For the week, the Dow rose 1.8 per cent, the S&P 500 gained 2.5 per cent, and the tech-heavy Nasdaq jumped 4.3 per cent. - Bernama

Source: The Sun Daily

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