The S&P 500 rose on Friday, extending Wall Street’s strong rally this week, despite inflation hitting a 39-year high.
The Dow Jones Industrials stayed afloat 72.59 points to 35,827.28
The S&P 500 index acquired 24.05 points to 4,691.50.
The NASDAQ remained positive 46.85 points at 15,564.22.
All three averages are up solidly for the week.
Oracle shares soared more than 13% on Friday, a day after the company posted better-than-expected quarterly results.
Airlines ticked lower on Friday. Southwest Airlines dropped 3.5% following another downgrade on Wall Street, this time from Goldman Sachs. United Airlines dropped 2% and Delta Air Lines dropped 2.5%.
Interactive fitness company Peloton added to its woes, slipping 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 gained some ground, lowering yields to 1.46% from Thursday’s 1.49%. Treasury prices and yields move in opposite directions.
Oil prices gained 15 cents to $71.09 U.S. a barrel.
Gold prices added $9.90 to $1,786.60 U.S. an ounce.