Stocks climbed early Friday amid more signs of cooling from the Federal Reserve’s preferred inflation gauge, with the need to curb price pressures still the priority for policymakers.
The S&P 500 (^GSPC) rose 0.8%, while the Dow Jones Industrial Average (^DJI) added around 0.6%. The Nasdaq Composite (^IXIC) led the way, rising over 1%.
The inflation index showed prices rose 3.8% in May on a year-over-year basis, down from a 4.4% year-over-year jump in April. And from April to May, prices ticked up just 0.1%.
The data comes after a surprise upward revision to first-quarter GDP showed the US economy is a lot stronger than Wall Street thought. Growing faith in that strength has helped drive this year’s rally in stocks, even though that resilience likely means rates will stay higher for longer.
Friday is a key trading day — the last in the second quarter and in the first half of 2023. All three major stock benchmarks are on track to log strong performances for both periods.
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