NEW YORK, Dec. 5 (Xinhua) -- U.S. stocks closed modestly higher on Friday, extending recent gains as a long-delayed inflation report showed price pressures remain elevated.
The Dow Jones Industrial Average rose 104.05 points, or 0.22 percent, to 47,954.99. The S&P 500 added 13.28 points, or 0.19 percent, to 6,870.4. The Nasdaq Composite Index increased by 72.99 points, or 0.31 percent, to close at 23,578.13.
Six of the 11 primary S&P 500 sectors ended lower, with utilities and energy leading the laggards by losing 0.98 percent and 0.43 percent, respectively. Meanwhile, communication services and technology led the gainers by rising 0.95 percent and 0.45 percent, respectively.
The latest Personal Consumption Expenditures (PCE) price index for September, released Friday by the U.S. Commerce Department after a reporting delay, showed headline inflation rising broadly as anticipated. The core PCE price index, excluding food and energy, advanced 2.8 percent year on year.
Separately, the University of Michigan's preliminary December consumer sentiment survey posted its first increase in five months.
U.S. labor market indicators continued to paint a picture of gradual cooling. A report from Challenger, Gray & Christmas on Thursday showed that U.S. companies announced 71,321 job cuts in November, the highest total for the month since 2022.
Market-based odds of a 25-basis-point rate cut at the Federal Reserve's Dec. 10 meeting stood at around 87 percent, according to the CME FedWatch Tool.
In corporate developments, Netflix shares dipped 2.89 percent after the streaming video giant agreed to acquire Warner Bros. Discovery's film and television studios along with its streaming operations in a transaction valued at approximately 72 billion U.S. dollars. Shares of Warner Bros. Discovery on Friday rose 6.28 percent on the news. ■
