Wall Street notches record closing highs on cool inflation

STORY: All three of Wall Street's main indexes closed at record highs on Friday, with the Dow adding 1% to break 47,000 for the first time ever, the S&P 500 gaining more than three-quarters of a percent and the Nasdaq climbing more than 1%.Stocks were boosted by cooler-than-expected inflation data and upbeat corporate earnings, setting the stage for an expected interest rate cut from the Federal Reserve, says Mike Mussio, president of FBB Capital Partners.“So the market looks to end the week on a positive note following pretty decent earnings. And today being pushed a little bit higher by our first actual data point of the month, in terms of economic data. We got a CPI number that came in a little bit cooler than expected, though it's still 3%. The expectation was 3.1%. So, we got a pretty decent little pop this morning. And that 3%, it's worth noting, is still about a full, it is a full percent higher than the Fed's target. But with the employment data and it being a little bit better than expected, all systems go it looks like for another Fed rate cut next week.”:: Ford MotorsStocks on the move Friday included Ford, which soared more than 12% after the automaker beat third-quarter profit expectations.Shares of crypto exchange Coinbase Global jumped nearly 10% after JPMorgan upgraded the stock to "overweight" from "neutral.":: FileOn the flip side, shares of Deckers Outdoor plummeted more than 15% after the maker of Hoka sneakers forecast full-year sales below Wall Street estimates.And shares of Alaska Air slid about 6% after the airline cut its annual forecast.Next week's earnings roster is packed with high-profile results from "Magnificent Seven" megacap stocks, including Meta Platforms, Microsoft and Apple.

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