stocks closed higher on Friday, driven by a rally in tech stocks but all the major benchmarks snapped their five-week winnings streak amid growing worries of inflation that weighed on investors’ sentiment.
The consumer price index released earlier in the week showed inflation rising at its hottest pace in the last almost 30 years.
However, on Friday, investors started with renewed vigor, as they looked past disappointing economic data and shook off inflation worries to focus on the remainder of the earnings season.
Friday’s gains were led by a rally in tech stocks.
In economic data, University of Michigan’s gauge of consumer sentiment, dropped to a reading of 66.8 in November, from October’s reading of 71.7.