(Reuters) – The New York Stock Exchange ended mixed on Friday with the Dow Jones closing at a record high after the latest inflation figures reassured investors.
The Dow Jones index gained 0.33%, or 137.89 points, to 42,313.00 points.
The broader Standard & Poor’s 500 lost 7.2 points, or 0.13% to 5,738.17 points.
The Nasdaq Composite fell 70.701 points, or 0.39%, to 18,119.59 points.
Although down, the tech-heavy Nasdaq and S&P 500 remained near their recent record highs.
The three Wall Street indices recorded their third consecutive week of increases and over the week, the Dow Jones and the S&P 500 each advanced 0.6%, while the Nasdaq climbed 1%.
“The market at this point … is evaluating whether we have beaten inflation and whether the Fed will be able to lower rates without doing too much damage to the economy,” Liz said. Young Thomas, head of investment strategy at SoFi in New York.
The Commerce Department reported a moderate rise in consumer spending, while inflationary pressures continued to ease.
Furthermore, American household morale improved more than expected in September according to the final results of the monthly survey from the University of Michigan.
Investors now expect a 52.1% chance that the Fed will cut interest rates by 50 basis points at its next meeting, according to CME Group’s FedWatch tool.
Easing price pressure already prompted the Fed to cut rates by 50 basis points last week. Attention will now turn to a series of labor market data expected next week.
In terms of values, Bristol-Myers Squibb gained 1.58% after the American drug authority approved its treatment for schizophrenia.
Costco Wholesale fell 1.75% after results considered disappointing in the fourth quarter.
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(Written by Kate Entringer)
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