Stocks are little changed after big rally this week as Fed decision looms
The S&P 500 was little changed on Friday after the market surged to fresh records as investors took signs of weakening jobs and tame inflation to mean the Federal Reserve will lower interest rates next week.
The benchmark fell less than 0.1%, while the Nasdaq Composite rose 0.1% to a fresh record. The Dow Jones Industrial Average lost 39 points, or 0.1%.
The blue-chip Dow popped more than 600 points Thursday, while the S&P 500 gained 0.9% and the tech-heavy Nasdaq Composite advanced 0.7%. All three major averages closed at record levels, and the Dow closed above 46,000 for the first time.
The consumer price index showed a month-to-month increase of 0.4% for August, hotter than the 0.3% that economists polled by Dow Jones were expecting. However, the index’s 2.9% rise on a 12-month basis was in line with expectations.
The usually crucial inflation report was overshadowed by weekly jobless claims, which showed a surprise jump to the highest level since October 2021. Workers filing for unemployment compensation for the week ended Sept. 6 increased 27,000 to 263,000, more than the 235,000 total expected.
Source : CNBC
