After a choppy morning session, US stocks gained traction, extending a rally sparked by a slowdown in inflation. The dollar fell for the fourth week in a row.
The S&P 500 finished near session highs, marking the largest weekly gain since June. The tech-heavy Nasdaq 100 gained more than 1.5% this week, marking its best week in two years. For Veterans Day, cash treasury trading is suspended.
In other news, China's relaxation of some trade restrictions aided risk sentiment on Friday, with US-listed Chinese stocks rising alongside commodities ranging from oil to soybeans to precious metals.
Meanwhile, cryptocurrencies resumed their selloff as ftx's woes worsened, with Sam Bankman-crypto fried's empire declaring bankruptcy. While the news weighed on sentiment in early trading, investors downplayed the risk of contagion.
On Thursday, US stocks rose to their highest level since 2020, thanks to a better-than-expected cooling in US inflation, which raised the prospect of the Fed going dovish. The preliminary November survey from the University of Michigan showed that consumer inflation expectations increased in the short and long run, while sentiment declined.
