The main indexes on the New York stock market closed higher ahead of the Federal Reserve's interest rate decision next week.
On the 5th, at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average finished 104.05 points (0.22%) higher at 47,954.99. The Standard & Poor's (S&P) 500 rose 13.28 points (0.19%) to 6,870.40, and the Nasdaq composite added 72.99 points (0.31%) to close at 23,578.13.
Stocks rose as expectations for a rate cut strengthened ahead of the Federal Open Market Committee (FOMC) meeting next week. According to the Chicago Mercantile Exchange (CME) FedWatch tool, the federal funds futures market priced in an 87.2% probability of a 25-basis-point (1 bp = 0.01 percentage point) cut in December, slightly higher than a week earlier (86.4%).
Inflation data released that day also matched market expectations, bolstering hopes for a cut. According to the U.S. Department of Commerce, the personal consumption expenditures (PCE) price index excluding volatile food and energy rose 0.2% in September from the previous month. The headline PCE price index rose 0.3% from the previous month. Both met market expectations. Compared with a year earlier, the PCE price index rose 2.7% in August and 2.8% in September, with both figures matching estimates.
By stock, Microsoft (MS) rose $2.32 (0.48%) to $483.16, while Meta Platforms climbed $11.89 (1.80%) to $673.42. Alphabet jumped $3.70 (1.16%) to $322.09, closing in on the record high of $323.28 set on the 25th of last month.
Palantir gained $3.84 (2.16%) to $181.76, and Tesla added $0.47 (0.10%) to $455.00. Nvidia fell $0.97 (0.53%) to $182.41, and Apple slipped $1.92 (0.68%) to $278.78.