Wall Street moved modestly higher by midday Friday, yet major indexes remain on pace to break a three-week winning streak. At midday, the S&P 500 was up 0.4% to 6,630, while the Nasdaq 100 gained 0.2% to 24,440. The Russell 2000, the benchmark small-cap index, rebounded 0.5%.
The BEA’s personal income and spending report for August is expected to show a 2.7% year-over-year increase in the personal consumption expenditure (PCE) index, up from the 2.6% rate in July.
Wall Street retreated on Thursday, with major indexes heading for a third straight day of losses as stronger-than-expected economic data reduced hopes for near-term Fed rate cuts and lifted the dollar.
Wall Street is on track for its third straight day of gains, with major large-cap indices extending records as investors remain optimistic about corporate earnings and upcoming rate cuts.
Wall Street kept driving equity valuations higher on Friday, extending the momentum from Thursday when all major U.S. benchmarks closed at record highs following the Federal Reserve's rate cut.
