U.S. stocks rose on the final trading day of the week despite a persistent jump in inflation.
The S&P 500 rose over 0.6% nabbing its first record close since November. The Nasdaq Composite gained 0.7% and the Dow Jones Industrial Average added 216 points or 0.6%.
The Bureau of Labor Statistics reported the consumer price index. on a year-over-year basis, jumped 6.8%, the highest in more than 39 years and up from 6.2% in October. On a monthly basis prices rose 0.8% month-over-month in November, below October’s 0.9% increase.
Oil rose to the $71 per barrel level after gaining 8% for the week.
The University of Michigan’s preliminary index of consumer sentiment for December rose to a reading of 70.4 above estimates and November’s final reading of 67.4.
Fed officials, due to meet next week, have said plans to wind down bond purchases and other stimulus measures that are boosting stock prices might be accelerated if needed to cool inflation, which hit a 30-year high in October.
In stocks, shares of Oracle soared to a record after forecasting current-quarter profit and revenue above market estimates on Thursday. Second-quarter results were helped by higher-tech spending from businesses looking to support hybrid work.
Abbvie shares were in focus after the Food and Drug Administration approved the first eye drops that improve age-related vision. The product is available in stores now.
Vaccine makers remain high interest as the omicron variant continues to be monitored. Moderna’s Chairman told FOX Business the drug maker is working on more therapies to combat it.
CVS built on gains from Thursday as investors digest a 10% dividend hike along with the drug maker’s strategy to offer more healthcare services in stores.
Apple shares inched back up to record levels on pace for the 4th day of gains this week.
And Peloton shares slipped over 5% after Credit Suisse cut the stock to neutral.
And as buzz around Sex and the City’s revival which includes a storyline of a key character who passes away with the death being linked to a Peloton bike.