US stocks turned in a mixed performance during trading on Friday, with the major averages ending the day on opposite sides of the unchanged line. The Dow rose to a new record closing high, but the Nasdaq and the S&P 500 gave back ground. While the Dow pulled back well off its highs of the session, 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 mixed performance on the day, the major averages all moved higher for the week, The Nasdaq jumped by 1.0 percent, while the Dow and the S&P 500 both climbed by 0.6 percent. Among equities, Costco fell 1.7% after the membership-only retailer missed expectations for fiscal fourth-quarter revenue. Shares of HP lost 1% after being downgraded by BofA.
On the economic front, personal consumption expenditures (PCE) price index in the US inched up by 0.1 percent in August after rising by 0.2 percent in July. The report also said the annual rate of growth by 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 by 0.1 percent in August after increasing by 0.2 percent in July. Core prices were expected to rise by another 0.2 percent. Meanwhile, the Commerce Department said the annual rate of growth by 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 Published: Sep 30 2024 | 3:42 PM IST
