US stocks shrug off rising inflation and close higher | مرتفعة latest news

US stocks rose Friday, May 28, as investors overlooked a stronger-than-expected inflation reading, with the Dow Jones Industrial Average and Standard & Poor’s 500 index capturing their first weekly gain in three weeks.

Consumer prices, including personal consumption expenditures (PCE) prices without the highly volatile food and energy components, rose 0.7% in April, topping analysts’ estimate of 0.6% and following a 0.4% increase in March.

This indicator is preferred by the US Federal Reserve to measure the rate of inflation.

In the 12 months to last April, the core personal consumption expenditures index rose 3.1%, breaching the Fed’s 2% target, amid a boom in demand as the economy reopened.

Investors are watching economic data and Fed officials’ comments closely for indications of runaway inflation and the possibility that the central bank will begin withdrawing massive economic stimulus measures.

Based on unofficial data, the Dow Jones rose 61.32 points, or 0.18%, to 34525.96 points, and the S & P 500 increased by 2.92 points, or 0.07%, to record 4203.8 points, and the Nasdaq Composite Index advanced 11.33 points, or 0.08%, to 13,747.61 points.

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