On Wall Street, the S&P 500 gave up an early gain to close 0.2% lower, falling to 4,507.66 Thursday. The benchmark index ended August down 1.8%, though a recent four-day winning streak helped chip away at the severity of the monthly decline.
This week, reports on job openings, consumer confidence and inflation stoked hopes on Wall Street that the Fed may hold rates steady at its next policy meeting in September. The central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001. The goal has been to rein inflation back to the Fed’s target of 2%. PCE measured 3.3% in July, matching economists’ expectations. That’s down from 7% a year ago.this week that also support hopes for the Fed to pause interest rate hikes.
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