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US stocks reported mixed performance on Friday, with the major averages ending the day opposite the unchanged line. The Dow Jones hit a new closing record, but the Nasdaq and S&P 500 lost ground. While the Dow Jones retreated well from its session highs, the blue-chip index still ended the day up 137.89 points or 0.3 percent at 42,313.00. The Nasdaq fell 70.70 points or 0.4 percent to 18,119.59 and the S&P 500 edged down 7.20 points or 0.1 percent to 5,738.17. Despite the day’s mixed performance, the major averages all rose for the week, with the Nasdaq jumping 1.0 percent, while the Dow and S&P 500 both climbed 0.6 percent. Among stocks, Costco fell 1.7% after the members-only retailer missed fiscal fourth-quarter revenue expectations. HP shares lost 1% after being downgraded by BofA.
On the economic front, the U.S. personal consumption expenditures (PCE) price index edged up 0.1 percent in August after increasing 0.2 percent in July. The report also said that the annual growth rate of the PCE price index slowed to 2.2 percent in August from 2.5 percent in July. Excluding food and energy prices, the core PCE price index also edged up 0.1 percent in August after rising 0.2 percent in July. Core prices are expected to increase by a further 0.2 percent. Meanwhile, the Commerce Department said the annual growth rate of the core PCE price index accelerated to 2.7 percent in August from 2.6 percent in July, in line with estimates.
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First publication: September 30, 2024 | 3:42 p.m. STI