Dow Tumbles Over 500 Points; Abacus Global Management Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 500 points on Friday.

The Dow traded down 1.21% to 41,788.66 while the NASDAQ fell 2.11% to 17,424.77. The S&P 500 also fell, dropping, 1.49% to 5,608.74.

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Leading and Lagging SectorsUtilities shares jumped by 1.2% on Friday.

In trading on Friday, consumer discretionary shares fell by 2.8%.

Top Headline

The Federal Reserve’s preferred inflation gauge rose more than anticipated in February, underscoring the bumpy road back to the 2% target and throwing cold water on expectations for imminent interest rate cuts.

According to data released Friday by the Bureau of Economic Analysis, the Personal Consumption Expenditures (PCE) price index increased by 2.5% year-over-year, matching both the previous reading and economist forecasts of 2.5%. On a monthly basis, headline PCE rose 0.3%, in line with estimates.

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