NEW YORK — Alphabet and Microsoft led the U.S. stock market to its first winning week in the last four and its biggest weekly gain since November. The S&P 500 rose 1% Friday. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite gained 2%. Google’s parent company jumped after breezing past analysts’ expectations for profit and announcing its first dividend. Microsoft climbed after also topping forecasts.
Microsoft, meanwhile, climbed 2.7% 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 buying trends from U.S. customers. Such an interpretation helps calm 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.
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