The 30-stock Dow jumped 228.03 points, or 0.55 percent, to close at 41,563.08. The blue-chip index touched a fresh all-time high in the final minutes of the trading session and closed at another record.
The S&P 500 advanced 1.01 percent, closing at 5,648.40, and the tech-heavy Nasdaq Composite gained 1.13 percent to end at 17,713.62.
The personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, rose 0.2 percent on a monthly basis in July and 2.5 percent from a year ago. The result was in line with estimates from economists polled by Dow Jones. Excluding food and energy, it also rose 0.2 percent from the prior month.
The Fed keeps a close eye on this metric and could still influence policymakers’ rate decision in September.
At the end of August’s trading, the S&P 500 posted a 2.3 percent gain for the month, while the Dow climbed nearly 1.8 percent. The Nasdaq Composite clinched a 0.7 percent advance for the period. The S&P 500 notched its fourth straight winning month. A surge in consumer staples, real estate and health care helped lift the broad market index in August.
The major averages suffered a steep sell-off at the start of the month, with the S&P 500 losing as much as 7.3 percent before recovering. The Dow and Nasdaq were down as much as 5.4 percent and 10.7 percent, respectively, at their lows this month.
The major stock averages closed out the month on a positive note.
The Dow Jones Industrial Average notched another record closing high and rose 228.03 points, or 0.55 percent, to settle at 41,563.08. The S&P 500 increased 1.01 percent and finished at 5,648.40. The Nasdaq Composite also rose 1.13 percent and closed at 17,713.62.
