NEW YORK, New York - U.S. stocks rose strongly on Friday as the latest PCE (Personal Consumption Expenditures Price Index) levelled out at 2.7 percent for August, in line with expectations. Core inflation, a measure excluding food and energy costs, ran at a 2.9 percent seasonally adjusted annual rate, again in line with expectations.
Investors and traders pushed up the major indices, resuming the cofidence that has sent markets to record highs on a number of occasions during the year. "Following a three-day pullback in the broader market, this is good enough to pull buyers off the sidelines," David Russell, global head of market strategy at TradeStation told CNBC Friday. "Yesterday's claims and GDP revision undermined the dovish narrative, but today's PCE calms some of those worries. No news is good news."
Friday's gains capped off a solid week as investors digested economic data and looked ahead to the final quarter of the year. All three major Wall Street benchmarks posted gains, driven by strength in technology, industrials, and consumer discretionary sectors.
The S&P 500 climbed 38.98 points, or 0.59 percent, to finish at 6,643.70. The benchmark index traded between 6,604.43 and 6,648.97 during the session, continuing its upward momentum that has characterized much of September.
The Dow Jones Industrial Average rose 299.97 points, or 0.65 percent, ending at 46,247.29. Blue-chip stocks led the gains as investors responded positively to recent earnings reports and indications that the Federal Reserve may hold interest rates steady in the coming months. The index reached a session high of 46,353.03, up from an intraday low of 46,051.92.
The tech-heavy NASDAQ Composite also moved higher, advancing 99.37 points, or 0.44 percent, to close at 22,484.07. While gains were more moderate, the index remained buoyed by large-cap tech names and AI-related optimism.
U.S. dollar takes a breather Friday, after racking up solid gains through the week
Currency markets ended the week with moderate moves across major pairs as investors responded to mixed macroeconomic signals and shifting interest rate expectations.
The euro gained ground against the U.S. dollar, with the EUR/USD pair rising 0.32 percent to close at 1.1702, supported by stronger-than-expected inflation data from the eurozone and improved business confidence readings.
The British pound also saw a solid advance, as the GBP/USD rate climbed 0.48 percent to finish at 1.3404, buoyed by hawkish signals from the Bank of England amid persistent wage growth and tight labor market conditions.
In North America, the U.S. dollar/Canadian dollar pair (USD/CAD) was unchanged on the day, holding steady at 1.3940, as oil prices and domestic economic data in Canada offered few surprises.
Against the Japanese yen, the U.S. dollar edged lower, with USD/JPY slipping 0.19 percent to 149.50. The yen benefited from safe-haven demand amid ongoing geopolitical concerns and recent volatility in Asian equity markets.
Meanwhile, the Swiss franc strengthened, sending USD/CHF down 0.23 percent to 0.7976, as Swiss inflation remained subdued but stable, supporting the franc's defensive appeal.
In the Asia-Pacific region, the Australian dollar inched higher against its U.S. counterpart, with AUD/USD up 0.13 percent to 0.6548, amid firming commodity prices and cautious optimism around China's economic outlook.
Similarly, the New Zealand dollar rose modestly, as the NZD/USD pair gained 0.12 percent to close at 0.5773, helped by resilient GDP data and improved dairy export forecasts.
Global stocks end week mostly higher, Taipei, Mumbai and Hong Kong, exceptions
UK markets finished strongly Friday, reflecting the global trend. European equities advanced broadly, buoyed by positive investor sentiment and encouraging macro‑data across the Eurozone. The stronger performance in Germany and France lifted regional benchmarks, with eurozone‑wide indices adding over one percent.
By contrast, Asian markets were mixed, with most major indices under pressure. Weakness in Hong Kong , India, South Korea, and in particular Taiwan, reflected persistent concerns around growth prospects and external demand. Australia's markets however held firm, posting modest gains.
Overall, Friday's session saw diverging paths: North American, UK and European bourses in the green, while several Asian markets closed deep in the red, reflecting region‑specific headwinds and global uncertainty heading into the weekend.
Here is a roundup of Friday's closing quotes of key global indices:
In Canada, the S&P/TSX Composite Index in Toronto edged up 29.30 points, or 0.10 percent, to settle at 29,761.28. Gains in energy and financial shares were offset somewhat by weakness in materials, resulting in a relatively flat but positive close for the Canadian benchmark.
London / UK
The FTSE 100 ended at 9,284.83, up 70.85 points, or 0.77 percent, as benchmarks across Europe also posted gains. The broader FTSE index fluctuated between 9,208.52 and 9,292.11 during the session.
Germany / Eurozone
Germany's DAX (or DAX P) closed at 23,739.47, rising 204.64 points, equivalent to 0.87 percent. Its intraday range spanned 23,579.25 to 23,756.04.
France / Eurozone
The CAC 40 in Paris rose to 7,870.68, a gain of 75.26 points or 0.97 percent. It traded between 7,821.25 and 7,875.04 through the day.
Eurozone (wider)
The Euro STOXX 50 index settled at 5,499.70, up 54.81 points or 1.01 percent. Its intraday range was 5,448.89 to 5,503.69.
Netherlands / Europe
The N100 index closed at 1,650.60, increasing 14.90 points or 0.91 percent, within a trading band of 1,636.79 to 1,651.83.
Belgium
Belgium's BEL 20 index ended at 4,670.47, up 28.14 points or 0.61 percent, with intraday fluctuation between 4,631.38 and 4,694.27.
Asia & Pacific Markets
Hong Kong
The Hang Seng Index fell to 26,128.20, down 356.48 points or 1.35 percent, trading between 26,072.93 and 26,406.05.
Singapore
Singapore's STI Index slipped to 4,265.98, down 7.88 points or 0.18 percent. Its intraday range was 4,265.98 to 4,291.25.
Australia
The S&P/ASX 200 closed modestly higher at 8,787.70, advancing 14.70 points or 0.17 percent. It moved between 8,746.30 and 8,795.60.
Meanwhile, the broader All Ordinaries ended at 9,079.20, up 15.80 points or 0.17 percent, in a range of 9,035.30 to 9,085.00.
India
India's S&P BSE Sensex fell to 80,426.46, losing 733.22 points, or 0.90 percent, within a trading range of 80,332.41 to 81,033.09.
Indonesia
The IDX Composite (Jakarta) closed at 8,099.33, up 58.67 points or 0.73 percent, range 8,035.00 to 8,099.33.
Malaysia
Malaysia's FTSE Bursa Malaysia KLCI ended at 1,609.05, gaining 10.58 points or 0.66 percent. Its intraday span was 1,595.32 to 1,611.32.
New Zealand
The S&P/NZX 50 Index (Gross) closed slightly lower at 13,111.73, down 42.06 points or 0.32 percent, trading between 13,058.28 and 13,171.22.
South Korea
The KOSPI Composite fell to 3,386.05, down 85.06 points or 2.45 percent. It traded from 3,365.73 up to 3,441.91.
Taiwan
Taiwan's TWSE Capitalization Weighted Index retreated to 25,580.32, losing 443.53 points or 1.70 percent, with intraday moves between 25,469.04 and 25,998.28.
Japan
The Nikkei 225 closed at 45,354.99, down 399.94 points or 0.87 percent.
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