Stocks Head for Winning February


The Dow Jones Industrial Average declined on Thursday, February’s final trading session, but the major averages were headed toward a winning month. Investors also digested a key inflation metric that met economist expectations along with fresh U.S. housing numbers.

The 30-stock index were down 74.23 points Thursday at 38,874.79

The S&P 500 surged 7.52 points to 5,077.28.

The NASDAQ index recovered 60.24 points to 16,007.97.

Data showed the Federal Reserve’s preferred measure of inflation was stubbornly above the central bank’s target in January, but at least didn’t exceed Wall Street forecasts. There were also signs that consumer spending remains robust.

The core personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, increased by increased 0.4% for the month and 2.8% from a year ago. That matches Dow Jones estimates. Headline PCE, which includes food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, compared to respective estimates for 0.3% and 2.4%.

Snowflake shed 19% after announcing the retirement of its CEO and sharing disappointing product revenue guidance. Meanwhile, Okta popped nearly 23% on strong results.

Prices for the 10-year Treasury inched forward, lowering yields to 4.23% from Wednesday’s 4.26%. Treasury prices and yields move in opposite directions.

Oil prices regrouped 42 cents to $78.96 U.S. a barrel.

Gold prices surged $10.80 to $2,053.70.



Source link

About The Author

Scroll to Top