US stocks rally to close out strong week, await Trump policies
The S&P 500 and Dow Industrials registered their biggest weekly percentage gains since early November and the Nasdaq recorded its best since early December. Data this week allayed fears that inflation would resurge while expectations have grown that the Federal Reserve will bump up the timing and magnitude of rate cuts this year.
The Commerce Department reported on Friday that U.S. single-family homebuilding rose to a 10-month high although demand will likely be curbed by rising mortgage rates and an oversupply of new properties.
A separate report revealed a surge in manufacturing output last month.
President-elect Donald Trump will be inaugurated on Monday, when U.S. markets are closed for the Martin Luther King Jr. Day holiday.
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