NEW YORK — U.S. stocks rose to records after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation. The S&P 500 climbed 0.2%, just enough top the all-time high set on Wednesday, as it closed a third straight winning week in what looks to be one of its best years since the 2000 dot-com bust. The Dow Jones Industrial Average dipped 0.3%, while the Nasdaq composite climbed 0.8% to set its own record.
The Fed began easing its main interest rate from a two-decade high in September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation. “This report tells the Fed that they still need to be careful as sticky housing/shelter/wage data shows that it won’t be easy to engineer meaningfully lower inflation from here in the nearer term,” Wren said.
Ulta Beauty rallied 10.4% after topping expectations for both profit and revenue. The opening of new stores helped it boost its revenue, and it raised the bottom end of its forecasted range for sales over this full year.
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