Stocks on Wall Street finished broadly higher Friday as the market closed out its fourth straight winning month with solid gains.

A late-afternoon rally helped stocks bounce back from a midafternoon slide. The S&P 500 rose 1%, with about 76% of the stocks in the index notching gains.

The benchmark S&P 500 closed August with a 2.3% gain for the month. It’s now up 18.4% so far this year and is within 0.4% of the all-time high it set in July.

The Dow Jones Industrial Average rose 0.6%, setting its fourth all-time high this week.

The Nasdaq composite ended 1.1% higher.

Wall Street spent the day mulling over encouraging reports on inflation, consumer spending and income.

The Commerce Department said its personal consumption and expenditures report showed prices rose just 0.2% from June to July, up slightly from the previous month’s 0.1% increase. Compared with a year earlier, inflation was unchanged at 2.5%.

Economists had expected the PCE, which is the Federal Reserve’s preferred measure of inflation, would to show that inflation edged up to 2.6% in July. It was as high as 7.1% in the middle of 2022.

The report confirms price increases are cooling, keeping the central bank on track to cut rates for the first time in more than four years at its upcoming meeting next month. The market is betting that the Fed will cut its benchmark rate by a full 1% by the end of the year.

“Weakening inflation gives the Fed plenty of room to begin cutting rates, while still resilient household spending is the recipe for a soft landing,” said David Alcaly, lead macroeconomic strategist at Lazard Asset Management.

Bond yields were mixed in the Treasury market. The yield on the 10-year Treasury rose to 3.92% from 3.86% late Thursday.

Technology stocks led the market. Marvell Technology climbed 9.2% after its latest quarterly results hit Wall Street’s sales and profit targets. Other chipmakers also rose. Broadcom added 3.8% and Nvidia gained 1.5%.

Dell also beat analysts’ second-quarter forecasts, boosted by record server and networking revenue as companies continue to beef up their artificial intelligence infrastructure. Its shares rose 4.3%.