The Dow Jones Industrial Average rose 125.08 points, or 0.32 per cent, to 39,512.84, the S&P 500 gained 8.6 points, or 0.16 per cent, to 5,222.68 and the Nasdaq Composite dropped 5.40 points, or 0.03 per cent, to 16,340.87. ― Reuters picNEW YORK, May 11 ― US stocks eked out modest gains yesterday and all three indexes posted another weekly advance as investors parsed comments from Federal Reserve officials and looked ahead to crucial inflation data next week.
Atlanta Fed President Raphael Bostic acknowledged recent clues the economy is slowing, but added the timing of rate cuts remains uncertain.Striking a more hawkish tone, Dallas Fed President Lorie Logan said it was unclear whether monetary policy was tight enough to bring inflation down to the central bank's 2 per cent target.
“The Fed is geared not to raise rates but cut them, so 'higher for longer' is about as dire as it's going to unless things really fall off the table,” said Paul Nolte, senior wealth advisor & market strategist at Murphy & Sylvest in Elmhurst, Illinois. Of the 11 major sectors in the S&P 500, consumer staples enjoyed the largest percentage gains, while consumer discretionary shares were the laggards.
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