The major averages resumed their rally as the Dow Jones Industrial Average started a new winning streak as earnings kept flooding in and a closely watched inflation measure came in at its lowest level in nearly two years. The Dow finished up 176 points, or 0.50%, to 35,459. The S&P 500 added 44 points or 1% to 4,582 while the Nasdaq Composite gained 266 points or 1.90% to 14,316.
All three major averages notched weekly gains with the 30-stock average up 0.6%. On Thursday, the Dow ended a 13-day win streak, a length not seen since 1987. The S&P advanced 1.01%, and the tech-heavy index is up 2.02%.
On Friday, June data for the personal consumption expenditures price index continued to show easing inflation. The gauge showed core PCE gained 0.2% month-over-month, in line with the 0.2% increase expected by economists polled by Dow Jones. Core PCE rose 4.1% from the year-ago period, lower than the anticipated 4.2%.
Earnings season continued with Dow member Procter & Gamble shares gaining nearly 3%. Intel jumped 6% as the company returned to profitability, while Roku popped 31% after beating Wall Street expectations on both the top and bottom lines.
To the downside, Ford Motor fell 3% even though the automaker beat estimates and raised guidance. The company said its electric vehicle adoption was taking longer than expected due to higher costs. Sleep Number mattress maker fell 29% on disappointing results as revenue fell 16% to $459 million.
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