Stock Market Today: Dow in rip-roaring gains as traders cheer in-line inflation

Investing.com-- The Dow racked up massive gains Friday after data showing that the pace of inflation last month met expectations kept hopes of rate cut later this year alive, offsetting tech weakness.Treasury yields fell Friday as data showing the core personal consumption expenditures price index, the Fed's preferred gauge of inflation, rose 2.8% in April, unchanged from a month earlier, matching investor expectations.

With inflation stubbornly elevated, a"growing number of Fed officials continue to question whether the Committee stopped short of a sufficiently restrictive level to tackle price pressures, or if the current pace of policy is as restrictive as previously thought," Stifel said in a note. But despite the near challenges, UBS said it continues to back the Dell, as the company should continue to benefit from the growing demand for its AI servers. UBS said its price target on Dell to $164 from $141 on expectations that"AI ramp should continue despite the speed bump."Energy stocks were higher even as oil prices turned negative as ongoing demand concerns offset ongoing expectations that OPEC+ is set to maintain its oil production curbs after announcing that its Jun.

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