US stocks trend higher, set for biggest weekly gains in years
|Major US equity indices witnessed yet another positive opening on Friday, gaining for the sixth consecutive session, as investors shrugged off signs of a pickup in inflation.
A reading on import prices for January showed a 1% m-o-m increase and added to his week's hotter-than-expected consumer price inflation, which might now influence market expectations over the Federal Reserve's interest-rate plans.
Investors focus, however, remained on economic growth and corporate profits. The recent strong quarterly earnings, coupled with expectations of a strong economic growth, backed by the newly implemented corporate tax cuts, helped stocks to regain positive traction and reversed a major part of last week’s steep losses.
Nevertheless, both the Dow Jones Industrial Average and the broader S&P 500 Index remain on track for weekly gains of over 4%, the biggest weekly rise since Nov. 2016. Meanwhile, tech-heavy Nasdaq Composite Index outperformed the broader indices and is up more than 5% for the week, its best week since October 2014.
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