Headline : The Dow gains 600 points after a solid economic report and fresh inflation data

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After a volatile week, the stock market rose on Friday due to the growing U.S. economy and fresh inflation data, leading investors to hope for interest rate cuts later this year.

As the day ended, the Dow Jones Industrial Average climbed 654 points higher, or 1.6%, to 40,589. The S&P 500 jumped 1.1%, and the tech-heavy Nasdaq increased 1.34%.

The personal consumption expenditures price index, an important measure for the Federal Reserve, indicated that inflation was a bit higher in June, paving the way for the widely anticipated September interest rate cut.

The U.S. Bureau of Economic Analysis reported on Friday that the PCE price index increased by 0.1% in June and was up 2.5% from a year ago, which was in line with the estimates. Meanwhile, the core inflation, which excludes food and energy prices, increased by 0.2% monthly and 2.6% annually, both in line with the estimates.

Read more from the original article on here at qz.com.

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