watch
now
The
S&P
500
rose
Friday
after
cooler
inflation
data,
with
the
major
averages
registering
an
eighth
straight
winning
week
as
Wall
Street
looked
to
extend
its
year-end
rally.
The
broad
market
index
gained
0.17%
to
4,754.63.
At
current
levels,
the
S&P
500
is
0.9%
from
its
record
close,
and
1.3%
from
its
intraday
record.
The
Nasdaq
Composite
rose
by
0.19%
to
14,992.97.
The
Dow
Jones
Industrial
Average
fell
18.38
points,
or
0.05%,
to
37,385.97.
The
three
major
averages
notched
their
eighth
positive
week
in
a
row
—
a
first
for
the
S&P
500
since
2017
and
for
the
Dow
dating
back
to
2019.
The
S&P
500
advanced
by
0.8%
for
the
week,
while
the
Dow
added
0.2%.
The
Nasdaq
jumped
1.2%
in
the
period.
Dow
component
Nike
dropped
nearly
12%
after
lowering
its
sales
outlook,
and
announcing
plans
to
cut
costs
by
about
$2
billion
over
the
next
three
years.
The
Federal
Reserve’s
favorite
inflation
gauge
came
in
less
than
expected.
The
November
core
personal
consumption
expenditures
price
index
rose
just
0.1%
last
month,
and
gained
3.2%
from
a
year
ago,
about
in
line
with
expectations.
Economists
polled
by
Dow
Jones
anticipated
a
monthly
increase
of
0.1%
and
3.3%
from
a
year
earlier.
“We
believe
that
today’s
PCE
data,
which
the
Fed
weighs
heavily
in
its
review
of
inflation
status,
further
cemented
the
downward
trajectory
of
inflation,”
said
Greg
Bassuk,
chief
executive
officer
at
AXS
Investments.
“And
we
think
that’s
another
catalyst
for
today’s
excitement
by
investors,
that
a
soft
landing
seems
closer
to
being
assured.”
The
market
rally
has
recently
broadened
out
as
bond
yields
fall
and
traders
bet
on
rate
cuts
from
the
central
bank.
On
Friday,
the
small-cap
Russell
2000
gained
0.8%,
posting
its
sixth
straight
positive
week.
“It
underscores
the
breadth
and
depth
of
this
holiday
rally,
which
we
think
is
going
to
bode
well
for
investors
moving
into
2024,”
Bassuk
said.
The
U.S.
stock
market
will
be
closed
on
Monday
for
Christmas.
