NEW YORK, US – Wall Street stocks advanced early on Friday following the latest moderation in US consumer inflation as Apple powered above $3 trillion in market valuation.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.6 percent at 34,330.70.
The broad-based S&P 500 gained 1.0 percent to 4,440.59, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to 13,779.30.
Apple jumped 1.4 percent to overtake $3 trillion in market value.
The tech giant also briefly reached the benchmark in January 2022, but it has never finished a trading session above that level.
Nike fell 2.1 percent after it reported lower earnings than expected due to elevated freight and logistics costs and the drag from discounted merchandise.
The personal consumption expenditure index measure of inflation, which is closely watched by the US Federal Reserve, eased to 3.8 percent year-on-year in May, a significant drop from 4.3 percent a month earlier.
The data comes on the heels of other upbeat economic reports this week on first-quarter growth and consumer confidence, adding to hopes the US economy can avoid a recession.
