S&P 500 hits record high, inflation softer than expected

Markets rose on Friday.

The S&P 500 surged 1.7 percent to a record high, the STOXX Europe 600 rose 0.9 percent and the Nikkei 225 jumped 1.6 percent.

US inflation concerns abated somewhat after a report showed that the core personal consumption expenditure price index rose 0.1 percent in February and 1.4 percent from the previous year.

“Softer-than-expected PCE deflator data support the idea that Treasury yields will likely consolidate over the short-term,” said Edward Moya, senior market analyst at Oanda.

A University of Michigan survey released Friday showed the final reading of the index of consumer sentiment was 84.9 in March, up from 76.8 in February.

Oil prices rose more than 4 percent on Friday amid concerns that the attempt to dislodge a giant container ship blocking the Suez Canal may take weeks.