Wall Street is holding a bit steadier following an encouraging profit report from Amazon and some mixed readings on the U.S. economy.
Wall Street is holding a bit steadier Friday following an encouraging profit report from Amazon, one of its most influential companies, and some mixed readings on the U.S. economy. The Standard & Poor's 500 was 0.2% higher in morning trading, coming off its ninth loss in 11 days and its lowest level in five months. The Dow Jones industrial average was down 53 points, or 0.2%, as of 10:10 a.m. Eastern, and the Nasdaq composite was 0.9% higher.
A report showed that the measure of inflation preferred by the Federal Reserve remained high last month, but within economists’ expectations. It also showed spending by U.S. consumers was stronger than expected, even though growth in their incomes fell short of forecasts. A separate report said that U.S. consumers' expectations for inflation in the coming year are rising, up to 4.2% from 3.2% last month.
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