Major equity indexes rose on Friday after a selloff that hit the Technology sector especially hard. But this doesn’t necessarily mean that everything is OK going into next week. Wall Street seems to be in whiplash land, veering from one market area to another. The Dow Jones Industrial Average ($INDU) closed higher by 1.64%, providing a boost to Industrials. The Nasdaq Composite ($COMPQ) and S&P 500 ($SPX) closed mid-range. That all indexes closed above their Thursday lows is encouraging and a good way to end a week that looked like it could end in doom. Softer Inflation Data Sheds Optimism It’s possible the June Personal Consumption Expenditure (PCE) price index was the catalyst behind the recovery rally. The PCE rose 0.1% month over month and 2.5% year over year. The core CPI rose 0.2% month over month and 2.6% year over year. The data suggests that inflation is slowly converging…
