U.S. stocks were on track to end the week on a positive note, with the S&P 500 edging further into record territory a day after data showed inflation continues to run hot.
What’s driving the market? Stocks and government bonds were building on a Thursday rally that came despite data showing the rate of U.S. consumer inflation over the past year escalated to a 13-year high of 5% from 4.2% in the prior month. That put it at the highest level since 2008, when the cost of oil hit a record $150 a barrel. Before that, the last time inflation was as high was in 1991.