U.S. stocks opened higher Friday after data showed the Federal Reserve’s preferred measure of inflation slowed in April. The Dow Jones Industrial Average DJIA, +1.76% was up 50 points, or 0.1%, while the S&P 500 SPX, +2.47% rose 0.8% and the Nasdaq Composite advanced 1.4%. The core personal consumption index showed a year-over-year rise of 4.9% in April, down from 5.2% in March. All three major indexes were on track for weekly gains. The Dow has fallen for eight straight weeks, its longest such stretch since 1932, while the S&P 500 and Nasdaq Composite have been down for seven weeks in a row.
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