On Friday, August 30th, U.S. stocks closed higher, with the Dow reaching a second consecutive all-time high. Strong consumer spending and moderate inflation fueled hopes for a modest Fed rate cut in September, signaling a potential soft landing for the economy.
Economic data showed that July’s U.S. personal income rose by 0.3% to $24.015 trillion, with spending up 0.5%. The core PCE price index increased by 0.2%, matching estimates, while the University of Michigan’s August consumer sentiment was slightly revised to 67.9.
All 11 S&P 500 sectors closed higher on Friday, with consumer discretionary leading the gains, followed by industrials and information technology.
The Dow Jones Industrial Average was up 0.55% and closed at 41,563.08. The S&P 500 ended the day higher by 1.01% at 5,648.40, ...
