new York Easing fears of inflation led to a friendly mood on the US stock exchanges at the end of the month. The Dow Jones index of standard values closed 0.8 percent higher on Friday at 34,407 points. The tech-heavy Nasdaq advanced 1.5 percent to 13,787 points. The broad S&P 500 gained 1.2 percent to 4450 points.
Consumer spending grew just 0.1 percent in May compared to the previous month. Economists polled by Reuters had expected double the increase. The PCE price index, which is closely watched by the Fed, also rose less than expected. “It shows signs of stability and shows that we’re going in the right direction,” said Peter Andersen, founder of Andersen Capital Management in Boston. “As we close out this quarter and into the second half of the year, I am optimistic that the economy and consumers are in good shape and will continue to recover.”
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