Dow gains over 100 points as Fed’s preferred inflation measure hits 13-year high

U.S. stock benchmarks on Friday climbed modestly higher to wrap up the week and month, after a closely watched measure of inflation by the Federal Reserve touched its highest level in 13 years. The Fed’s preferred measure of inflation-the personal-consumption expenditure index, excluding food and energy-rose 3.1% in April from a year earlier, marking its highest level since 2008. The Dow Jones Industrial Average was up 124, or 0.4%, to 34,586, the S&P 500 index gained 0.3% to 4,212, while the Nasdaq Composite Index climbed 0.4% to 13,794. In corporate news, Dow component Boeing Co. was seeing shares slip 0.8% after the Wall Street Journal reported that it halted deliveries of its 787 Dreamliners.

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