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The S&P 500 rose to a record high on Friday after US consumer price inflation reached its highest in 39 years but largely met expectations.
All 11 sectors of the S&P 500 recorded gains. The Bureau of Labor Statistics reported early Friday that the annual consumer price index rose to 6.8% in November. The print was slightly above the consensus forecast from a survey of economists.
All major indexes had gains for the week.
The US indexes were at 4:00 p.m. on Friday.
Barry Gilbert, asset allocation strategist at LPL Financial, said in a note that the report has been de-risked because of the market's adjustment to nearly pricing in 3 rate hikes by year-end 2022,
We see a first-quarter peak in inflation, Fed bond purchases to end in March/April, and a Fed liftoff in September 2022. The Fed's timetable could be pulled forward by further progress balancing labor supply and resolution of supply chain disruptions that generate more persistent elevated inflation than we anticipate.
Next week, the Federal Reserve's rate-setting body will meet for the last time.
The price of West Texas Intermediate crude increased. The international benchmark of oil gained 0.4% at $75.37.
The price of gold increased to $1,784.53 per ounce. The yield moved to 1.5008%.
There was a 1% rise in the price of the digital currency, at $48,275. 81.
Business Insider has an original article.
