NEW YORK, New York – U.S. investors again plowed into stocks on Friday, many convinced inflation has peaked.
“Markets certainly got great news this week on inflation,” Dec Mullarkey, managing director of investment strategy and asset allocation at SLC Management in Boston, told Reuters Friday.
“A victory lap in some respects was in order, but it’s not ‘mission accomplished’ by any means. It’s still a very slow grind ahead,” Mullarkey said.
The Nasdaq Composite led the way percentage-wise with a 267.27 points or 2.09 percent gain to 13,047.19.
The Standard and Poor’s 500 rose 71.88 points or 1.73 percent to 4,280.15.
The Dow Jones industrials lagged with a 424.38 point or 1.27 percent addition to 33,761.05.
The U.S. dollar was mixed Friday but mostly stronger. The euro weakened to 1.0265, approaching the New York close Friday. The British pound slimmed down to 1.2138. The Swiss franc was unchanged at 0.9417. The Japanese yen fell a tad to 133.47.
The Canadian dollar inched down to 1.2771. The Australian dollar was a fraction higher at 0.7126. The New Zealand dollar was unchanged at 0.6458.
Overseas, the Dax in German gained 0.74 percent. The Paris-based CAC 40 rose 0.14 percent. London’s FTSE 100 added 0.47 percent.
In Japan, the Nikkei 225 jumped 727.65 points or 2.62 percent to 28,546.98.
The Australian All Ordinaries slid 36.60 points or 0.50 percent to 7,288.80.
New Zealand’s S&P/NZX 50 fell 29.49 points or 0.25 percent to 11,730.52.
In China, the Shanghai Composite slipped 4.78 points or 0.15 percent to 3,276.89.
South Korea’s Kospi Composite inched up 4.16 points or 0.16 percent to 2,527.94.
The Hang Seng in Hong Kong advanced 93.19 points or 0.46 percent to close Friday at 20,175.62.