Wall Street hits record high; Dow Jones closes above 47,000

US stocks closed Friday in the green, aided by softer-than-expected inflation that bolstered odds of rate cuts this year.

The Dow Jones Industrial Average gained 1% (+472) to 47,207 points, its first-ever finish above 47,000.

The S&P 500 added 0.80% (+53) to 6,791, and the Nasdaq Composite climbed 1.15% (+263) to 23,204—both record closes.

In Europe, the Stoxx Europe 600 rose 0.25% to a record 575.76, up 1.7% on the week.

Germany’s DAX edged up 0.15% to 24,239. France’s CAC 40 was flat at 8,225, with FTSE 100 gaining 0.7% to a record 9,645.

Japan’s Nikkei 225 advanced 1.35% to 49,299, while the broader Topix rose 0.5% to a record 3,269, for weekly gains of 3.6% and 3.1%, respectively.

In commodities, Brent December settled at $65.94 a barrel (+7.5% on the week). US WTI December fell 0.45% to $61.50 but rose 6.9% weekly.

Gold futures (December) slipped 0.2% (−$7.8) to $4,137.8 an ounce after falling more than 2% intraday to $4,055.70.

US Bureau of Labor Statistics data showed core CPI—which excludes food and energy—rose 3.0% in October, below forecasts for 3.1%.