[상보] Nasdaq, all-time high in over 2 years… New York stock market rises due to PCE prices ‘in line with expectations’

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January PCE price index rose 2.4% compared to the previous year
PCE price index, the source of ‘Fed Reserve preference’, also meets expectations
S&P 500, Nasdaq hit record high

▲Traders are examining stock prices at the New York Stock Exchange (NYSE) on the 29th of last month (local time). New York (USA)/Reuters Yonhap News

The New York stock market rose on the announcement of the personal consumption expenditures (PCE) price index, which was in line with the market outlook.

On the 29th of last month (local time) at the New York Stock Exchange (NYSE), the Dow closed at 38,996.39, up 47.37 points (0.12%) from the previous trading day. The S&P 500 index closed at 5,096.27, up 26.51 points (0.52%), and the Nasdaq index, centered on technology stocks, closed at 16,091.92, up 144.18 points (0.90%).

Both the NASDAQ and the S&P 500 index reached record highs. It has been over two years since November 2021 that the Nasdaq index broke its record.

For the week, the Dow rose 2.22%. It is an increase for four consecutive months for the first time since May 2021. The S&P 500 index rose 5.17% and the Nasdaq index rose 6.12%.

Among major stocks, Microsoft (MS) rose 1.45%, while Alphabet and Meta rose 1.71% and 1.26%, respectively. Amazon rose 2.08% and Nvidia rose 1.87%. On the other hand, Tesla fell 0.08%.

On this day, the market was relieved to hear that the January PCE price index met market expectations. According to CNBC, the PCE price index in January rose 2.4% compared to the same month last year and increased 0.3% compared to the previous month. Both figures were not different from expectations. The core PCE price index, known as an indicator used by the U.S. Federal Reserve when deciding interest rates, also rose 2.8% and 0.4%, respectively, meeting expectations.

“This indicator brings a sigh of relief to bulls who had been concerned that inflation would accelerate again, forcing the Fed to delay cutting interest rates for much longer,” said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance. “We need to start buying again, at least for today,” he explained.