The S&P 500 settled higher on Friday as investors digested the recent inflation data.
A Commerce Department report showed personal spending increased 0.1% month-over-month in November, while personal consumption expenditure price index rose by 5.5% year-over-year in November. Personal income in the US rose 0.4% from a month ago in November.
Shares of News Corp. (NASDAQ:NWSA) gained 2.8% on Friday following a report indicating Michael Bloomberg is interested in acquiring either Wall Street Journal parent company Dow Jones or The Washington Post. The WSJ is a media brand under News Corp.
The S&P recorded losses for the third straight week, with the benchmark index dropping 0.2%. The Dow, however, added 0.9% last week.
All the major sectors on the S&P 500 closed on a positive note, with energy and communication services stocks recording the biggest gains on Friday.
The Nasdaq 100 gained 0.27% to close at 10,985.45 on Friday, amid decline in shares of Apple Inc. (NASDAQ:AAPL) and Tesla Inc (NASDAQ:TSLA). The S&P 500 rose 0.59%, while the Dow Jones rose 0.53% to 33,203.93 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) dropped 5% to 20.87 points on Friday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market’s expectation of volatility based on S&P 500 index call and put options.
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