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 rose by 0.8 percent to 34,400 points on Friday afternoon. The broader S&P 500 gained 1.2 percent to 4,450 points. The Nasdaq technology exchange index rose 1.6 percent to 13,804 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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