Key Points
The Dow Jones Industrial Average closed at its highest level since January 2022 as investors crossed the finish line of a banner month for stocks and viewed cooling inflation data as a harbinger of easing Federal Reserve monetary policy..
The S&P 500 closed modestly green, while tech and tech-adjacent momentum stocks, led by Nvidia, pulled the Nasdaq into negative territory..
Still, the S&P 500 and the Nasdaq notched their largest monthly percentage gain since July 2022..
. "Kicking off much of the strength this month was the realization that inflation is quickly coming back to earth we saw that again today with core PCE data suggesting inflation is no longer a major headwind," Detrick added..
The Dow Jones Industrial Average rose 520.47 points, or 1.47%, to 35,950.89, the S&P 500 gained 17.22 points, or 0.38%, at 4,567.8 and the Nasdaq Composite dropped 32.27 points, or 0.23%, to 14,226.22..
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