Stock market today: S&P 500, Nasdaq hit fresh records to cap best February in nearly a decade

US stocks rallied to close out the best February for the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) in nearly a decade as investors digested a crucial inflation reading. The Nasdaq Composite closed up 0.9% on Thursday, finishing at 16,091.92, its highest close on record. This marked the first record close for the Nasdaq since November 2021. The S&P 500 added 0.5% on the day, to finish the day at 5,095.88, a new record-high. Meanwhile the Dow Jones Industrial Average (^DJI) popped 0.1% on the day. Both the Nasdaq and S&P 500 had their best February’s since 2015. An inflation measure closely watched by the Fed continued cooling last month, matching Wall Street’s expectations. The Personal Consumption Expenditures (PCE) index grew 2.4% year-over-year in January, a decline from last month’s 2.6% print. “Core” PCE, the measure most often mentioned by Fed Chair Jerome Powell, came in at 2.8%, down from 2.9% in the month prior. The looming release of the PCE index data — the Fed’s preferred measure of inflation — had weighed on stocks all week. Policymakers have repeatedly stressed they want to see more signs of price pressures easing before committing to rate cuts. Meanwhile, bitcoin (BTC-USD) held above $62,000 on Thursday after almost reaching $64,000 overnight. After a roaring rally — the likes of which haven’t been seen since the run-up to the “crypto winter” of 2022 — the leading digital currency is still within range of a fresh all-time high.