The S&P 500 rose 0.8 per cent to close its sixth winning month in the last seven. The main measure of the US stock market’s health set an all-time high late in the month after clawing back all its losses from a rough April.The Dow Jones jumped nearly 1.5 per cent, while sagging prices for some big technology stocks held back the Nasdaq composite. It slipped by less than 0.1 per cent.
The report showed a key measure of inflation remained at 2.7 per cent last month, exactly as forecast. Some underlying trends also improved by a touch more than expected. That could bolster confidence at the Federal Reserve that inflation is sustainably heading toward its target of 2 per cent, something it says it needs before it will cut its main interest rate.
After the report, the yield on the 10-year Treasury fell to 4.50 per cent from 4.55 per cent late Thursday. It had topped 4.60 per cent earlier in the week amid worries about tepid demand following some auctions for Treasurys, a move that had hurt stocks. Stocks in industries that tend to benefit the most from easier interest rates helped lead the market Friday. Real-estate stocks in the S&P 500 jumped 1.9 per cent as a group for one of the biggest gains among the 11 sectors that make up the index. Boston Properties rose 4.3 per cent.Dell tumbled 17.9 per cent even though it matched analysts’ forecasts for profit in the latest quarter.
Source: News Formal (newsformal.com)
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