US Stocks Surge Amid Steady Inflation Rate
US stocks traded higher on Friday, with the Dow Jones index gaining more than 550 points. The Dow climbed 1.13% to 52,651.12, while the NASDAQ rose 1.20% to 26,395.64, and the S&P 500 gained 1.08% to 7,673.46.
The communication services sector led the way, jumping by 1.5%, followed closely by utilities stocks, which rose by just 0.2%. The US annual inflation rate held steady at 3.4% in August, matching market consensus and remaining unchanged from July, according to the Bureau of Labor Statistics.
On a monthly basis, prices increased by 0.4%, with gasoline accounting for over a third of that gain, rising 3.9%. Several equities also saw significant price swings, including Beneficient (BENF), which surged 124% to $2.71, and Picocela Inc, ADR (PCLA), which shot up 52% to $14.74.