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Stock market news today: Dow rises 700 points after key Fed-watched inflation data

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Investors are looking to the Fed-favored inflation data to calibrate the timing and depth of rate cuts.

US stocks rose during afternoon trading Friday and were poised for a comeback bid as investors embraced new pricing data that showed inflation continuing to ease, solidifying expectations for coming interest-rate cuts. The Dow Jones Industrial Average added 1.8%, or more than 700 points, after the blue-chip index eked out a closing gain. The S&P 500 rose about 1.4%, roughly the same percentage as the Nasdaq Composite , both indexes headed for a weekly loss.

That pause in this year's rally has Wall Street questioning whether the sell-off is a turning point to sustained lower prices or a typical bull-market pullback. In play are earnings-fueled concerns about softness in the US economy, though Thursday's surprisingly hot GDP print eased those somewhat. Friday's big data point was the closely watched Personal Consumption Expenditures index, which provided more fuel to the notion of a still-strong economy and gradually cooling inflation.

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