Friends
This morning’s release of a key inflation data point helped add some fuel to the market averages. August’s PCE Price Index showed that core inflation rose 2.9%. This measure excludes food and energy. In all the annual rate was 2.7% which was in line with expectations. All of this was good enough for stocks as the hope that the Fed will see this data as more evidence that interest rate cuts are the right course of action in the coming months.
As for today, by the close the Dow Jones Industrial Average was up 299 points to finish the day at 46,247. The S&P 500 was up 38 points to close at 6,643. The Nasdaq Composite Index was up 99 points to close at 22,484. Gold was $28 to trade at $3,799 per ounce, while oil was up $.43 to trade at $65.41 per barrel WTI.
The bulls were able to salvage the week today and hold the high ground as we head into quarter end early next week. In the meantime, we’ll root on the Americans in the Ryder Cup and be ready to see how the quarter finishes out on Tuesday.
Have a great weekend everyone.
