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  3. US markets end mostly in green on Friday

US markets end mostly in green on Friday

01 Jun 2024 Evaluate

The US markets ended mostly in green on Friday, with the Dow showing a substantial move to the upside, bouncing off its lowest closing level in almost a month. The mostly higher close on Wall Street came following the release of a highly anticipated Commerce Department report showing consumer prices in the U.S. increased in line with economist estimates in the month of April, while core consumer prices edged up by slightly less than expected. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent for the third straight month in April, matching street estimates. Meanwhile, the report said the core PCE price index, which excludes food and energy prices, crept up by 0.2 percent in April after rising by 0.3 percent in March. Street had expected another 0.3 percent increase. 

The annual rates of growth by the PCE price index and the core PCE price index were both unchanged from the previous month at 2.7 percent and 2.8 percent, respectively. The readings matched expectations. The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending. The Commerce Department said real personal spending, which excludes price changes, edged down by 0.1 percent in April after climbing by 0.4 percent in March.

Dow Jones Industrial Average surged 574.84 points or 1.51 percent to 38,686.32 and S&P 500 was up by 42.03 points or 0.8 percent to 5,277.51, while Nasdaq fell 2.06 points or 0.01 percent to 16,735.01.

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