US Stocks Marginally Higher as Investors Shrug Off Inflation Surge
- Date: 31-May-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
US Stocks Marginally Higher as Investors Shrug Off Inflation Surge
The major U.S. stock indexes closed marginally higher on Friday as investors took the stronger-than-expected inflation reading in stride. This may have been an indication that investors have accepted the Fed's notion that the current rise in inflation is “transitory”.
Investors had been eyeing key economic reports and comments from Fed officials for signs of runaway inflation and the possibility the central bank may begin to pull back on its massive stimulus measures all week, leading up to Friday's personal consumption expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation.
In the cash market on Friday, the benchmark S&P 500 Index settled at 4204.11, up 3.23 or +0.08%. The blue chip Dow Jones Industrial Average finished at 34529.45, up 64.81 or +0.19% and the tech-weighted NASDAQ Composite closed at 13748.74, up 12.46 or +0.09%.
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