AP
- US stocks traded mixed on Friday as investors took in fresh inflation data and corporate earnings.
- The Fed's preferred inflation measure was in line with economists' expectations.
- All three benchmark indexes notched weekly losses, with the S&P 500 sliding into correction territory.
US stocks traded mixed on Friday as investors took in fresh inflation data and more corporate earnings reports.
The Dow Jones Industrial Average slid over 300 points, while the S&P 500 entered correction territory after slipping 10% from its recent peak. All three benchmark indexes notched weekly losses.
The PCE price index, the Fed's preferred inflation measure, rose 0.3% last month and 3.7% year over year, the Commerce Department reported on Friday. Meanwhile, real consumer spending jumped 0.4% last month, hinting at consumer strength that could stoke inflation further.