GLOBAL MARKETS-S&P 500, Dow scale new heights, Treasury yields rise on strong inflation data – Investing.com India

GLOBAL MARKETS-S&P 500, Dow scale new heights, Treasury yields rise on strong inflation data – Investing.com India

(Updates to U.S. market close)By Stephen CulpNEW YORK, April 9 (Reuters) - The S&P 500 and the Dow notched record closing highs on Friday after solid U.S. inflation data and an uptick in Treasury yields suggested the economic recovery from the pandemic-related recession was gaining momentum."(It was) a fairly quiet Friday with low volume, a welcome change from 12 months ago," said David Carter, chief investment officer at Lenox Wealth Advisors in New York."Today was all about inflation," Carter added. "Despite today's higher PPI number, equity markets are starting to begrudgingly believe the Fed is in no rush to raise interest rates."All three major U.S. stock indexes posted weekly gains as upbeat economic data boosted risk appetite ahead of first-quarter earnings.Transports, seen as a proxy for economic health, advanced for their 10th week in a row."Cyclical parts of the market like transports are being driven higher due to strong vaccination rates in the U.S., which suggests the economic reopening may accelerate," Carter said.A Labor Department report showed producer prices rose last month at twice the speed of February's growth, reviving some inflation worries.U.S. Federal Reserve Chairman Jerome Powell offered assurances on Thursday that the central bank is far more concerned