U.S. stocks edged higher on Friday on the report of inflation slightly slowing down as an increase in the core personal consumption expenditures (PCE) price index in April dropped from the previous month.
The Dow Jones rose 236 points or 0.72% to 32,873.75 points in the morning session on Friday. Meanwhile, the S&P 500 gained 1.58% and the Nasdaq Composite jumped 2.46%.
On Friday, the U.S. reported a rise in the core personal consumption expenditures price index by 4.9% YoY in April, decreased from the 5.2% YoY pace recorded in March. The figure in April was in line with economist expectations of a 4.9% rise.
Data from the Commerce Department on Friday showed that consumer spending increased more than estimated in April as households boosted purchases of goods and services in the U.S. The figure grew 0.9% YoY in April, compared to a 0.7% growth forecast.