by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Friday as signs of a slowdown in U.S. inflation in February revived hopes of an easing in monetary policy from the Federal Reserve (Fed). ) in terms of interest rates.
The Dow Jones Industrial Average gained 1.26%, or 415.12 points, to 33,274.15 points.
The broader S&P-500 gained 58.48 points, or 1.44%, to 4,109.31 points.
The Nasdaq Composite advanced for its part by 208.44 points (1.74%) to 12,221.91 points.
The Nasdaq wrapped up its best quarter since June 2020 and the S&P 500 posted a second straight quarter of gains.
These good performances come despite the setbacks of the banking sector, after the bankruptcy this month of two regional banks, which raised fears of a broader financial crisis.
Data released Friday by the Commerce Department showed that the Personal Consumption Expenditure (PCE) price index, the Federal Reserve’s (Fed) favorite inflation gauge, is showing signs of slowing, but remains pupil.
“The market seems pleased with this slight slowdown in inflation. It underscores that Fed policy is working, albeit slowly,” said Quincy Krosby, strategist at LPL Financial.
The S&P500 technology sector index rose more than 20% in the quarter.
The semiconductor index was also among the best performers of the quarter.
Apple has moved forward after winning its appeal against the UK regulator’s decision to launch an investigation into its mobile browser and online gaming services.
(With contributions from Amruta Khandekar, Ankika Biswas and Johann M Cherian; Camille Raynaud)
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