2023-08-31 20:14:00
© Archyde.com. Traders trade on the New York Stock Exchange on August 15, 2023. Photo: Brendan McDarmid/Archyde.com.
(Archyde.com) – The Standard & Poor’s 500 index closed lower, while the Nasdaq rose on Thursday, following US inflation data reinforced expectations that the Federal Reserve (the US central bank) will temporarily stop tightening monetary policy.
During the session, the Nasdaq reached its highest level in four weeks following a Commerce Department report showed that the personal consumption expenditures price index, which is the central bank’s preferred measure of inflation, rose 3.3 percent in July on an annual basis, in line with expectations.
Excluding the volatile food and energy components, the core PCE price index rose 4.2 percent in July, year on year, which was also in line with estimates.
According to preliminary data, the Standard & Poor’s 500 index fell by 0.16 percent, to end the session at 4,507.54 points. The Nasdaq Composite Index rose 0.11 percent to 14,034.97 points, while the industrial index fell 0.48 percent to 34,721.16 points.
(Prepared by Muhammad Ali Farag for the Arabic Bulletin – Edited by Ali Khafaji)
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