Stock Market News Today: US stocks rise on strong corporate earnings

Data on Friday also showed the Personal Consumption Expenditures index, the Fed's preferred measure of inflation, rose just 0.1% over the past month. Meanwhile, the Employment Cost Index rose 1.2% over the past quarter, a sign that inflation's presence is still being felt in the economy.

"The case for another Fed rate hike next week has been solidified by today's Employment Cost Index and Personal Consumption Expenditure reports showing ongoing cost pressures," Lazard's chief market strategist Ron Temple said in a note."Taken alongside the solid domestic demand in yesterday's GDP report, it's clear that the US economy remains resilient in the face of tightening to date, implying that the Fed's job is not yet complete.

Investors are now pricing in an 88% chance that the Fed will hike interest rates another 25 basis-points at next week's meeting of the Federal Open Market Committee, according to the

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