Nasdaq, S&P 500 Move Higher After PCE Inflation Data

The Nasdaq and S&P 500 drifted higher Thursday after a key inflation reading came in as expected. The personal consumption expenditures price index—the Federal Reserve’s preferred inflation gauge—rose 0.3% in January from December, in line with what economists had expected. The core index, which strips out volatile food and energy prices, climbed 0.4%, also in line with expectations.