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Stock market today: Stocks build on record-setting rally

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The market is kicking off March in a subdued mood as the relief sparked by the PCE reading wears off.

Stocks regathered momentum Friday afternoon, building on a record-setting rally and following a blowout month that ended with optimism coming off an an influential inflation reading. The S&P 500 gained 0.8%, coming off a record close and best February in almost a decade. The benchmark index notched another record intraday high. The Dow Jones Industrial Average rose 0.3% or about 115 points, while the tech-heavy Nasdaq 100 rose 1.2%.

But further scrutiny has highlighted signs of "sticky" inflation that will be harder to shift. Among big movers, shares in New York Community Bancorp tumbled 23% after the exit of its CEO, a $2.7 billion quarterly loss, and findings of "material weaknesses" in the bank's loan processes. Meanwhile, Dell shares rose 28% in the wake of a quarterly sales and profit beat fueled by AI prospects for its servers.

 

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