US stocks notched up their best week since Donald Trump’s election victory, boosted by strong bank earnings and softening underlying inflation data, which raised the chances of further interest rate cuts this year.
The blue-chip S&P 500 closed 1 per cent higher on Friday, leaving the index up 2.9 per cent for the week.
That marked its best weekly gain since a 4.7 per cent rise in the five sessions to November 8, when Trump’s election win raised hopes that tax cuts and deregulation under the incoming administration would boost corporate America. The tech-heavy Nasdaq Composite added 2.5 per cent, in its best weekly gain since early December.
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