Stocks closed higher on Wall Street Friday, establishing the market's third winning week of the last four and sending the S&P 500 index to its highest levels since summer.
With the Fed slated to announce its next rate hike on February 1, next week could be even busier for markets. Such gains helped offset a steep loss for Intel following a jolting warning from the chipmaker. Not only did its revenue and earnings fall short of expectations last quarter amid a punishing slowdown in sales, it also gave a forecast for revenue this quarter that was more than $2 billion short of analysts' expectations. Intel dropped 6.8%.
The market is partly trying to reconcile that weak earnings and a drop in demand may be necessary for inflation to keep cooling, said Keith Buchanan, portfolio manager at Globalt Investments.inflation measure Reports also showed that income growth for Americans slowed in December, while consumer spending fell off a bit more sharply than expected.A separate report said U.S. consumers are also downshifting their expectations for inflation in the coming year. Over the long run, the University of Michigan said inflation expectations among consumers remain roughly where they've been for most of the last 18 months.
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