Stocks on Wall Street bounced back from a midafternoon fade Friday, leaving the market on pace to close out its fourth-straight winning month with more gains.
The Commerce Department said its personal consumption and expenditures report showed prices rose just 0.2% from June to July, up slightly from the previous month’s 0.1% increase. Compared with a year earlier, inflation was unchanged at 2.5%. “Weakening inflation gives the Fed plenty of room to begin cutting rates, while still resilient household spending is the recipe for a soft landing,” said David Alcaly, lead macroeconomic strategist at Lazard Asset Management.
Dell also beat analysts’ second-quarter forecasts, boosted by record server and networking revenue as companies continue to beef up their artificial intelligence infrastructure. Its shares rose 4.5%. Friday’s Commerce Department report also showed that Americans stepped up their spending by a vigorous 0.5% from June to July, up from 0.3% the previous month, and incomes rose 0.3%, faster in July than in the previous month.
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