The Dow gained 180 points, or 0.5%, and is now only about 1% off its all-time high. The S&P 500 rose 0.9% to finish just below its record and the tech-heavy Nasdaq surged about 1.5%. All three indexes finished up slightly for the week as well. Bond yields also edged lower and the dollar weakened — signs that investors aren't too concerned about the economy overheating.
Mark Carney: Inflation is a positive sign of economic progress 02:30"I am vigorously clinging on to the hypothesis that higher prices are all temporary," said Nathan Sheets, chief economist at PGIM Fixed Income, who believes inflation will retreat to"a more normal 2% rate" by the end of 2022.Sheets added that prices have mainly been going up due to well-publicized labor shortages and supply constraints. He expects those pressures to abate as the economy returns to normal.
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