U.S. stocks traded mostly higher Friday, on pace to end the week with solid gains, as oil prices rose amid some data reports.
Personal income in January rose 0.5 percent, while personal spending rose 0.5 percent. The core PCE, which excludes food and energy, rose 0.3 percent.
The core PCE price index, the Fed’s preferred inflation measure, increased 1.7 percent in the 12 months through January, the largest rise since July 2014, after rising 1.5 percent in December.
Stocks pared gains following the report and the Dow Jones industrial average briefly fell into negative territory. Oil also came off session highs.
As of this morning, the major U.S. averages were on pace to end the week with gains of more than 2 percent.
The S&P 500 closed above the key 1,950 resistance level Thursday as stocks rallied into the close. Both the S&P 500 and Dow Jones industrial average were within 10 percent of their 52-week intraday highs, out of correction territory.
G-20 meets in Shanghai
10 a.m. Consumer sentiment, personal income, consumer spending
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