LONDON: U.S. stocks closed higher Friday for a third week of gains as mixed data pushed out expectations for the timing of the first rate hike. ( Tweet This )
“The data came in and emboldened investors,” said Jack Ablin, chief investment officer at BMO Private Bank. “It looks like we’re setting up for reasonable growth with no inflation. … It’s just more of the ‘slightly bad news is good news’ (because a rate hike is delayed).”
The major averages extended gains as the close approached, recovering from an intraday decline, to close up nearly 1 percent or more for the week.
The S&P 500 posted its first three-week win streak since May. The Dow Jones industrial average and Nasdaq composite had their first three consecutive weeks of gains since February.
