Business Highlights: Inflation gauge, summer travel costs

___

Key inflation gauge slowed to still-high 6.3% over past year

WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a year earlier, just below a four-decade high set in March and the first slowdown since November 2020. The report added to other recent signs showing that while high inflation continues to cause hardships for millions of households, it may finally be moderating, at least for now. The report also showed that consumer spending rose by a healthy 0.9% from March to April, outpacing the month-to-month inflation rate for a fourth straight time. The ongoing willingness of the nation’s consumers to keep spending freely despite inflated prices is helping sustain the economy.

___

Prepare for sticker shock if you are traveling this summer

DALLAS (AP) — If you haven’t booked your summer vacation plans, you are already too late to snag the best deals, according to travel experts. Airfares are up, hotels rates are up, and airlines are bracing for a big summer. High prices are not the only thing travelers need to worry about. Airlines have thousands fewer employees than they did before the pandemic, and that means they could struggle to handle the expected crowds. Consumers seem to be taking it all in stride. Airlines say bookings are running at record levels, and spending on U.S. flights is running ahead of 2019 levels.

___

Wall Street breaks 7-week losing streak, longest since 2001

NEW YORK (AP) — Stocks rose on Wall Street Friday and closed higher for the week, breaking a seven-week losing streak, the longest such stretch since 2001. The S&P 500 rose 2.5%, increasing its gain for the week to 6.6%. That’s the biggest weekly gain for the benchmark index since November 2020. Technology stocks were a big factor...