U.S. stocks were higher on Friday and on track to finish the first half at 14-month highs with data showing inflation falling to a two year low, fueling hopes that the Federal Reserve might be able to back off its inflation battle more quickly than Chair Jerome Powell has suggested.
S&P 500 rose 49 points, or 1.1%, to 4,445. If it closes at or above this level, it will log its highest finish since April 20, 2022, FactSet data show. It's on track to rise for the fourth time in five sessions.
Dow Jones Industrial Average rose by 250 points, or 0.7%, to 34,382.
Nasdaq Composite gained 198 points, or 1.5%, to 13,787 as it heads for a fresh 14-month closing high.
On Thursday, the Dow Jones Industrial Average rose 270 points, or 0.8%, to 34122, the S&P 500 increased 20 points, or 0.45%, to 4396, and the Nasdaq Composite dropped 0 points, or 0%, to 13591.
The final trading day of the week, month and quarter is presenting a positive picture for U.S. stocks as the main indexes advance following the latest PCE inflation report, which showed price pressures continued to abate in May.
Source: Marketwatch
