Stocks inched higher on Wall Street as markets wait for a key report on inflation
Major stock indexes on Wall Street closed little changed Thursday as traders looked ahead to a key report on inflation that could influence the Federal Reserve's next move on interest rates. The Standard & Poor's 500 eked out a 0.1% gain. The benchmark index has been hovering near the all-time high it set last week. The Nasdaq composite rose 0.3% and remains just below its all-time high. The Dow Jones industrial average closed 0.1% higher.
Consumer spending, which has been fueling economic growth, grew at just a 1.5% rate, down from an initial estimate of 2%, according to the report. The main upshot from the report is that 'the economy remained resilient in the first quarter but that private sector demand growth was cooling led by more consumer prudence,' Gregory Daco, EY's chief economist, said in a note.
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