Wall Street: Strong Week, Dow Sets 4 Records in 5 Session
In a positive week for Wall Street, the Dow Jones Industrial Average hit record highs in four out of five trading sessions, underscoring the market’s resilience. Economic data released this week added context to the market’s performance, with mixed signals on inflation and consumer spending.
The Department of Commerce reported a 2.2% year-over-year rise in inflation for August in raw terms, slightly up from July’s figures. However, core inflation—excluding volatile sectors like energy and food—ticked up by 0.1 percentage points, reaching 2.7%.
American household spending saw a modest increase of 0.2% in August compared to the previous month, while household incomes grew at the same pace. Both metrics fell short of forecasts by 0.1%, reflecting a slight cooling of consumer activity.
The savings rate, as a proportion of disposable personal income, edged down to 4.8% in August. Despite a dip in consumer confidence noted by the Conference Board for September, a separate survey from the University of Michigan painted a brighter picture. Consumer sentiment improved more than expected, rising to 70.1 from 67.9, according to the final report published this Friday.