- US stocks traded higher on Thursday following the latest PCE data.
- The Dow Jones posted four consecutive monthly gains, while the S&P 500 and Nasdaq closed at records.
- The Federal Reserve's preferred inflation gauge was in line with expectations.
U.S. stocks rose on Thursday, consolidating a winning month for investors and continuing this year's strong rally.
The major averages finished the day higher with the S&P 500 and Nasdaq Composite closing at all-time highs.
The Dow Jones Industrial Average posted a four-month winning streak for the first time since May 2021, while the S&P 500 rose more than 4.5% during the month, bringing its year-to-date gain to about 6,000. 8%.
Investors digested new inflation data ahead of the markets open: The U.S. Department of Commerce reported that the personal consumption expenditures price index rose 0.3% month over month and 2.4% % year over year, matching consensus estimates.
Core PCE also fell in line with expectations, rising 0.4% month over month and 2.8% compared to a year ago. Macquarie economists wrote in a note that the latest data suggests gradual disinflation remains likely.
"There is no change to our FOMC baseline forecast with this release," the economists wrote in a Thursday note. "We continue to expect the first rate cut in July, a total of 50 basis points of cuts in 2024, and another 50 basis points in 2025."
On Thursday, Bitcoin continued its climb towards all-time highs. The coin traded up to 6% higher during the day before paring gains. It was shot again late the next day. Bloomberg reported that Wells Fargo and Bank of America would begin offering clients access to approved spot ETFs. Bitcoin was trading at $62,280 on Thursday afternoon.
In the housing market, new data on pending home sales showed an unexpected drop in January, as mortgage rates continue to hover around 7%.
Still, the US housing market is starting to show some signs of moderation New listings of homes for sale rose 12.9% Compared to a year ago, it's good for the biggest jump in nearly three years, according to Redfin.
Here is where the US indices were when the market closed at 4:00 pm on Thursday:
Here's what else is happening:
In commodities, bonds and cryptocurrencies:
