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Nasdaq leads all major U.S. stock indexes higher
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Cons discr leads S&P 500 sectors, none in decline
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PCE index moderates, cooler than expected
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STOXX Europe 600 up ~0.6%
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U.S. 10-year Treasury yield at 3.52%
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WALL STREET LIKES THE GOLDILOCKS PCE DATA (1010 EDT/1410 GMT) March is going out like a lamb, with the core PCE index coming in slightly cooler than expected, and equity markets love it.
All major stock indexes on Wall Street were up on Friday, as were the major bourses in Europe, after a mostly in-line to slightly cooler reading
Consumer discretionary led all 11 S&P 500 indices
higher, with no sector in decline.
Small caps , Dow transports and semiconductors rose, as did growth and value stocks.
The personal consumption expenditures (PCE) price index for
February increased 0.3% month over month after accelerating 0.6%
in January. In the 12 months through February, the PCE price
index advanced 5.0% after rising 5.3% in January.
Core PCE climbed 0.3% after increasing 0.5% in January, and
on a year-on-year basis rose 4.6% last month after gaining 4.7%
in January.
"Overall a lot of this would still line up with a soft
landing. But the unequivocal issue is what's going to happen in
credit, and that's uncertain at this point," said Dec Mullarkey,
managing director of investment strategy and asset allocation at
SLC Management in Boston.
"The Fed still goes ahead with a 25 basis point move when
they meet in May," he said.
Here is a snapshot of market prices in early trading:
(Herbert Lash)
*****
PUNCH BOWL OR PROHIBITION, THE FED DECIDES (0915 EDT/1315
GMT)
Is the Fed bringing back the punch bowl after inflation
decelerated a bit more on Friday as many stock investors clamor
for, or are policymakers going to declare an era of moderate
Prohibition is in store - in line with glum bond investors?
The yield on two-year Treasury notes , which move
in step with interest rate expectations, slid 7 basis points
after the personal consumption expenditures (PCE) price index
for February was released. Stock futures were edging higher.
Boston Fed President Susan Collins told Bloomberg TV that
PCE, which the U.S. central bank tracks for its 2% inflation
target, was "about what was expected" and that the Fed "still
has more work to do to lower inflation."
PCE increased 0.3% last month after accelerating 0.6% in
January. In the 12 months through February, the PCE price index
advanced 5.0% after rising 5.3% in January.
Core PCE climbed 0.3% after increasing 0.5% in January, and
on a year-on-year basis rose 4.6% last month after gaining 4.7%
in January.
(Herbert Lash)
*****
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