The Fed's preferred inflation gauge's core personal consumption expenditures price index rose 4.9% from a year ago in April, in line with estimates and a deceleration from March when the inflation gauge stood at 5.2%. While still elevated, the report indicates that price pressures could be easing a bit, as reported by the Commerce Department reported Friday.
However, the report/number excludes volatile food and energy prices that have significantly contributed to inflation running around a 40-year peak. If you include food and energy, headline PCE increased 6.3% in April from a year ago. That also was a deceleration from the 6.6% pace in the previous month. However, the monthly change showed a more marked pullback, increasing just 0.2% compared with the 0.9% surge in March.
The DOW 575.8 points, or +1.76%, to close at 33,212.96. The S&P 500 rose +2.47% to 4,158.24, and the NASDAQ outperformed, gaining +3.33% to end the week at 12,131.13.
The DOW finished up +6.24% for the week and snapped its longest losing streak, eight weeks, since 1923. The S&P 500 was up +6.58%, and the NASDAQ was up +6.84% on the week. Both indexes ended seven-week losing streaks.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,158.28
- Dow (INDEX:DJI): 33,213.55
- NASDAQ (NASDAQ:COMP): 12,131.13
- U.S. Dollar (ICE:DX): 105.00
- Gold (NYMEX:GC.Q22): 1,866.90
- Crude Oil (NYMEX:CL.N22): 110.27
- Bitcoin (BITCOIN:BITSTAMPUSD): 34,930.74