US stocks closed another record-setting week with a muted performance on Friday, as hope built on Wall Street that the economy can manage the rare feat of suppressing high inflation without causing a recession.
- The Dow rose 137.89 points, or 0.3%, to 42,313, setting a record.
- The S&P 500 fell 7.20 points, or 0.1%, to 5,738.17.
- The Nasdaq fell 70.70 points, or 0.4%, to 18,119.59.
Treasury yields eased in the bond market after a report showed inflation slowed in August by a bit more than economists expected, the AP reports. It echoed similar numbers from earlier in the month about inflation, but Friday's report has resonance because it's the measure that officials at the Federal Reserve prefer to use. For more than a year, the Fed had kept its main interest rate at a two-decade high in hopes of slowing the economy enough to drive inflation toward its 2% target. Now that inflation has eased substantially from its peak two summers ago, the Fed has begun cutting rates to ease conditions for the slowing job market and prevent a recession.
On Friday, Costco Wholesale fell 1.8% after delivering weaker revenue in the latest quarter than analysts expected. That was even though its profit topped expectations. Another company that depends on people spending money, ski resort operator Vail Resorts, sank 3.9% after reporting a larger loss for the latest quarter than analysts expected. Scant snowfalls at its Australian resorts hurt its results, and it gave a forecast for profit in its upcoming fiscal year that fell short of forecasts. On the winning side, Bristol-Myers Squibb rose 1.6% after receiving federal approval for its new approach to treat schizophrenia in adults. Trump Media & Technology Group climbed 5.5% following the first disclosure of a major investor selling its shares now that a restriction for insiders has lifted.
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