Despite inflation hitting a 39-year high, the S&P 500 closed at a record on Friday, gaining +0.95% to 4,712.02, capping off a strong rally this week. The DOW gained 216.30 points or +0.60%, to 35,970.99, and the NASDAQ climbed +0.73% to close at 15,630.60.
The DOW rose +4.02% this week, snapping a 4-week losing streak; that's also its best weekly performance since March. The S&P 500 and NASDAQ added +3.82% and +3.61%, respectively, marking their best weeks since February.
Inflation soared 6.8% year-over-year in November to the highest rate since 1982, the Labor Department said Friday. The print came in slightly higher than the 6.7% Dow Jones estimate. The consumer price index, which measures the cost of a wide-ranging basket of goods, rose 0.8% for the month.
Core CPI, which excludes food and energy prices, rose 0.5% for the month and 4.9% from a year ago, in line with estimates.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,743.83
- Dow (INDEX:DJI): 35,970.99
- NASDAQ (NASDAQ:COMP): 16,212.23
- U.S. Dollar (ICE:DX): 95.75
- Gold (NYMEX:GC.G22): 1,791.00
- Crude Oil (NYMEX:CL.F22): 70.32
- Bitcoin (BITCOIN:BITSTAMPUSD): 60,090.55