The best week for U.S. stocks since November closed out with more gains thanks to Alphabet and Microsoft on Friday.
A trader works on the floor of the New York Stock Exchange shortly after the opening bell, Wednesday, April 24, 2024, in New York. NEW YORK —
Microsoft, meanwhile, climbed 1.8% after reporting stronger profit and revenue than expected. It cited strong growth in its cloud-computing business as it pushes artificial-intelligence technology to its customers. Yet another report on Friday showed inflation remaining stubbornly high. This time it was the measure of prices for March that the Federal Reserve prefers to use, but it wasn’t much worse than forecasts. Financial markets took it much more in stride than a report from the day before that suggested the same measure of inflation rose quickly from January through March.
“The economy remains on solid footing,” Bank of America economists said in a report, pointing to solid buying trends from U.S. customers. Such an interpretation calms worries that the U.S. economy could be heading for a toxic mix of stagnating growth and high inflation, something that the Federal Reserve doesn’t have great tools to fix.
Friday’s report on sticky inflation “underscores Vanguard’s belief that the Federal Reserve may find it’s unable to cut interest rates this year,” according to the investment giant’s global head of portfolio construction, Roger Aliaga-Diaz.
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