Stock Market Today: Dow closes at record as energy stocks ride oil prices higher

Investing.com -- The Dow closed a record highs Friday, shrugging off a wobble in tech as surging energy stocks and signs of inflation is cooling faster than expected lifted investor sentiment.US consumer spending grew at a slower than anticipated rate in August, while inflation pressures continued to ease.

Household income growth also unexpectedly slowed to 0.2% from 0.3% in July. The figure was tipped to edge up by 0.4%.), said both numbers are"slowing but not falling off a cliff." Wage gains have recently supported consumer spending activity despite some weakening in the US labor market. When stripping out volatile items like food and fuel, the so-called core PCE price index also decelerated to 0.1% month-on-month and sped up slightly as anticipated to 2.7% from 2.6% on an annualized basis.

The announcement comes as Chinese regulators are stepping up efforts to boost the country's domestic semiconductor industry and cushion the impact of U.S. restrictions,Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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