HomeFinancial MarketsStocks Surge at Friday's Close Following Strong PCE Data

Stocks Surge at Friday’s Close Following Strong PCE Data

Traders work on the floor of the NYSE in September 2022
Traders work on the floor of the NYSE in September 2022. Photo by John Angelillo/UPI/Shutterstock (13395680f)
Nick M
By Nick M

U.S. stocks surged late on Friday following the release of the latest Personal Consumption Expenditure (PCE) Price Index; the Federal Reserve’s preferred tool for measuring inflation.

The tech-heavy Nasdaq Composite surged by 2% during the late session, while the S&P 500 added 1%. The Dow Jones Industrial Average climbed by 0.5%.

The Personal Consumption Expenditures (PCE) Price Index released on Friday morning showed that core PCE, which excludes volatile food and energy components, rose 4.1% over the previous year – the slowest growth rate since September 2021.

Meta proved to be one of the major risers on Friday after posting second-quarter results that beat analysts’ expectations. For the year to date, Meta’s stocks have risen by over 150%.

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