Stocks mixed as inflation rises by most since 1982
Stocks traded lower Friday as investors took in earnings results from some major tech companies and another hot print on inflation at the end of another volatile week.
The S&P 500 and Nasdaq turned lower. The Dow dipped, even as component stock Apple (AAPL) jumped after the iPhone-maker reported record quarterly sales and better-than-expected profits despite supply chain challenges.
Fresh economic data was also in focus on Friday. The latest inflation data showed another multi-decade high rate of price increases, as the Personal Consumption Expenditures (PCE) index posted a 5.8% year-over-year rise in December, or the biggest jump since 1982. Core PCE, which excludes more volatile food and energy prices, rose at a 4.9% annual rate, representing the largest leap since 1983.
The S&P 500 was on track to post a weekly loss of about 1.3%, based on Thursday's closing prices. The Dow and Nasdaq have each also fallen over the course of the past week.
