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US stocks close higher to mark fourth straight week of gains

US stocks rose on Friday to deliver a fourth straight week of gains for Wall Street, as early signs that inflation has steadied tamped down investor expectations of more aggressive interest rate rises from the Federal Reserve.

The four-week streak of increases is the longest since late 2021, before worrying economic readings shoved stocks into a bear market.

The blue-chip S&P 500 index rose 1.7 per cent on Friday, delivering a weekly gain of 3.3 per cent, while the technology-heavy Nasdaq rose 2.1 per cent for a weekly gain of 3.1 per cent. The indices are up 18 and 24 per cent, respectively, from their lows hit in mid-June. They remain well below record highs hit months ago, however.

US inflation data this week came in lower than expected, with the US consumer price index rising 8.5 per cent year on year in July, below economists’ forecasts of 8.7 per cent. The US also reported this week that prices paid to American…

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