S&P Rockets to Record High, Indexes Jump to Winning Week

The S&P 500 closed at a record on Friday, capping off Wall Street’s strong rally this week, despite inflation hitting a 39-year high.

The Dow Jones Industrials popped 216.30 points to 35,970.99

The S&P 500 index 44.57 points, or 1%, to 4,712.02, to close at a record.

The NASDAQ surged 113.23 points at 15,630.60.

The S&P 500 and NASDAQ completed their best week since February and the Dow had its best weekly performance since March.

Oracle shares soared 15.6% on Friday, a day after the company posted better-than-expected quarterly results.

Airlines ticked lower on Friday. Southwest Airlines dropped 3.8% following another downgrade on Wall Street, this time from Goldman Sachs.

Interactive fitness company Peloton added to its woes, slipping 5.4% after tumbling 11.3% on Thursday. Credit Suisse cut its view on the company, saying a return to gyms and shifts in consumer spending will weigh on profitability.

Inflation soared 6.8% year-over-year in November to highest rate since 1982, the U.S. 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.

Prices for 10-year Treasurys lost some ground, raising yields back to Thursday’s 1.49%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.07 to $72.01 U.S. a barrel.

Gold prices added $6.30 to $1,783.00 U.S. an ounce.