Stock market today: Stocks gain as Fed's favored inflation gauge cools

Stocks piled on gains Friday as investors embraced an inflation report seen as crucial to the Federal Reserve's next decision on interest-rate cuts. The S&P 500 rose 0.1%, on the heels of ekeing out a third record-high close this week. The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite gained around 0.2%. The August reading of the Personal Consumption Expenditures index, the inflation metric favored by the Fed, showed continued cooling in price pressures.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards The stock gauges are on track for weekly wins after confidence in the economy returned to the market. A solid GDP reading, combined with continued cooling in inflation, has cemented growing conviction that the Fed can nail a "soft landing" as it embarks on a rate-cutting campaign. Elsewhere, China added to its stream of stimulus measures, boosting markets once again.

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