- US
stocks were mixed on Friday after higher-than-expected inflation data sparked a rally in interest rates. - The producer price index rose 1% in March, and saw a year-over-year surge of 4.2%.
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US stocks closed at record highs on Friday as investors shrugged off concerns of a jump in inflation, as the release of producer price index data for the month of March showed a jump of 1%, and a year-over-year increase of 4.2%.
The higher-than-expected inflation data briefly sparked a rally in interest rates, with the 10-Year US Treasury yield rising five basis points to a daily high of 1.68%.
A spike in inflation has been a key concern for investors as the US economy begins to reopen, as some worry that a runaway inflation scenario could materialize when considering the trillions of dollars in stimulus unleashed on the economy since the beginning of the COVID-19 pandemic.
But Fed Chairman Jerome Powell continues to reiterate his view that any spike in inflation will be temporary, which investors seem to be believing today.
Here's where US indexes stood at the 4:00 p.m. ET close on Friday:
- S&P 500: 4,128.75, up 0.77%
- Dow Jones industrial average: 33,802.78, up 0.89% (299.21 points)
- Nasdaq composite: 13,900.19, up 0.51%
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Oil prices were lower. West Texas Intermediate crude fell 0.37%, to $59.37 per barrel. Brent crude, oil's international benchmark, dropped by 0.25%, to $63.04 per barrel.
Gold fell 0.8%, to $1,743.70 per ounce.