Wall Street rose and the S&P 500 ended the day at an all-time closing high even as consumer prices saw the largest annual increase in nearly four decades
The indexes all ended the session higher than last Friday's close, and the benchmark S&P 500 posted its biggest weekly percentage advance since the week ended Feb. 5, as waning jitters over the Omicron coronavirus variant helped fuel a broad rally early in the week.A report from the Labor Department showed consumer prices surged last month to a 6.8% annual growth rate, the highest reading in more than 39 years.
"Clearly, it’s being driven primarily by supply-chain issues," Said Tim Ghriskey, senior portfolio strategist at Inverness Counsel in New York. "But it appears these issues could be easing, and over time we should see them moderate. And that should take the foot off the inflation accelerator." "The Fed is has telegraphed on tightening sooner rather than later," Carlson added. "The markets are more comfortable with Fed tightening if it reduces inflation expectations."
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