The S&P 500 Index ($SPX) (SPY) on Thursday closed up +0.52%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.12%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.95%.
Stock indexes on Thursday posted moderate gains on signs that inflation pressures are continuing to ease. The Fed's preferred inflation gauge, the Jan core personal consumption expenditures, rose 2.8% in January, right on expectations and the slowest pace of increase in 2-3/4 years. Also, other Fed-friendly reports Thursday on weekly jobless claims, the Jan MNI Chicago PMI, and Jan pending homes sales knocked bond yields lower and supported stock gains. Chip stocks also rallied Thursday after Citigroup said it was “wildly bullish” on the sector.
