New York, Jul 12, 2019, SPA — U.S. stocks were modestly higher in morning trading on Friday, as declines in health care stocks were offset by gains in technology, consumer and industrial company stocks.
AP reported that the gains came a day after the Dow Jones Industrial Average closed above 27,000 points for the first time.
Investors remain focused on the Federal Reserve. The Fed is expected to cut its benchmark interest rate later this month for the first time in more than a decade to help counter slowing growth.
The Dow rose 120 points, or 0.5%, to 27,210 as of 11 a.m. ET. The Standard & Poor’s 500 index rose 0.1% and the Nasdaq composite rose 0.2%.
Stocks have been trending higher for much of the week as investors have grown more confident that the Federal Reserve may cut interest rates for the first time in a decade as soon as the end of this month.
New U.S. government data released Thursday showed consumer prices rose in June from a year earlier. The bump in inflation wasn’t expected to give the Fed reason to reconsider whether it should lower rates. Inflation has remained muted through much of the economy’s 10-year expansion, which Federal Reserve Chairman Jerome Powell has cited as a justification for potentially lowering rates.
–SPA
18:47 LOCAL TIME 15:47 GMT
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