Stocks closed at their highest level in a month after data revealed a drop in inflation expectations, and major banks recovered from losses caused by gloomy forecasts. treasuries fell.

The S&P 500 crossed its 200-day moving average and finished within a hair of 4,000 ahead of Monday's US holiday. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo all reported earnings and pushed the market higher. The Nasdaq 100 rose for the sixth day in a row, the longest winning streak since November 2021, when it reached an all-time high.

Following Thursday's report showing a further slowing in prices, Fed Bank of Atlanta President Raphael Bostic told CBS News that he is leaning toward supporting a smaller rate hike at the next meeting.