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The Dow Jones Industrial Average climbed to a fresh record on Friday as traders digested new data that pointed to further progress in lowering inflation. Wall Street also posted three straight positive weeks.
The blue-chip index came down from its highs of the day, but still registered positive 137.89 points to 42,313, and still reached an all-time record.
The S&P 500 index faded 7.2 points to 5,738.17
The NASDAQ Composite retreated 70.7 points to 18,119.59. The technology-heavy index’s gains were kept in check by a more than 2% decline in Nvidia
The major averages extended their gains to a third week, with the S&P 500 and the Dow rising about 0.6% for the period. The NASDAQ advanced nearly 1% during the week.
Traders also received encouraging inflation data that could give the central bank more reason to confidently cut interest rates further.
August’s personal consumption expenditures price index — the Federal Reserve’s favored measure of inflation — increased 0.1%, matching expectations from economists polled by Dow Jones. PCE increased 2.2% at an annualized pace, below the 2.3% forecast.
Prices for the 10-year Treasury gained ground, lowering yields to 3.75% from Thursday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices regained 92 cents at $68.59 U.S. a barrel.
Gold prices flopped $20.60 to $2,674.30 U.S. an ounce
