US stocks surged Friday as investors, but the S&P 500 closed out the last full trading week of 2022 with another loss.
Among the sectors on the broad-equity index that soared, the energy group led the way on the back of higher oil prices. Oil surged as Russia said it’s considering cutting daily output by as much as 7% in response to Western nations capping its crude prices. Chevron rose, pushing the Dow Jones Industrial Average higher.
Meanwhile, the Federal Reserve’s preferred inflation gauge was slightly hotter than anticipated for November after months of rate increases by policymakers to drive down prices.
The core personal consumption expenditures price index added 4.7% year over year, higher than the 4.6% projection from a Bloomberg survey of economists. The core PCE did cool from 5% in October.
Also, Americans’ personal income last month rose by 0.4% while spending showed some softness by edging up 0.1%.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Friday:
- S&P 500: 3,844.82, up 0.59%
- Dow Jones Industrial Average: 33,203.93, up 0.53% (176.44 points)
- Nasdaq Composite: 10,497.86, up 0.21%
