U.S. stocks closed modestly higher Friday, extending recent gains after a delayed inflation report showed price pressures remain elevated.
The Dow Jones Industrial Average rose 104.05 points, or 0.2%, to 47,954.99. The S&P 500 gained 13.28 points, or 0.2%, to 6,870.40. The Nasdaq composite added 72.99 points, or 0.3%, to 23,578.13.
Six of the 11 S&P 500 sectors finished lower, led by utilities and energy. Communication services and technology posted the biggest gains.
The Commerce Department said the core Personal Consumption Expenditures price index, which excludes food and energy, rose 2.8% in September from a year earlier. The University of Michigan’s preliminary December consumer sentiment survey showed its first increase in five months.
Labor market data pointed to cooling conditions. Challenger, Gray & Christmas reported U.S. companies announced 71,321 job cuts in November, the highest for the month since 2022.
Traders placed an 87% chance on a quarter‑point rate cut at the Federal Reserve’s Dec. 10 meeting, according to the CME FedWatch Tool.
In corporate news, Netflix shares fell 2.9% after agreeing to acquire Warner Bros. Discovery’s film and television studios and streaming operations in a deal valued at about $72 billion. Warner Bros. Discovery shares rose 6.3%.