Stocks rally after August PCE 3.4% eases Fed rate fears
Business
Wall Street had a good day as stocks jumped after new inflation numbers came in lower than expected.
The PCE price index rose just 3.4% in August (instead of the predicted 3.7%), which helped calm worries about another interest rate hike from the Fed.
Markets rise, September private payrolls +90,000
The Dow rose 50.58 points at 09:55am ET, with the S&P 500 and Nasdaq also climbing: technology and energy stocks led the way.
If this momentum keeps up, both indexes could see two strong quarters in a row.
Plus, job growth surprised everyone: private employers added 90,000 jobs in September (well above forecasts).