US stocks end higher, record weekly gains

US stocks closed in the green on Friday amid broad expectations that the Federal Reserve will cut interest rates next week, especially after new data showed easing inflation while concerns grow over a weakening labor market.

The Dow Jones Industrial Average gained 0.22% (+104 points) to 47,954, ending the week up 0.50%.

The broader S&P 500 added 0.19% (+13 points) to 6,870, closing just 0.70% below its all-time high and extending its weekly gain to 0.31%.

The Nasdaq Composite rose 0.31%, or 72 points, to 23,578, posting a weekly increase of 0.91%.

The Stoxx Europe 600 was slightly changed at 578.77, holding on to a 0.41% weekly gain.

The UK’s FTSE 100 slipped 0.45% to 9,667, France’s CAC 40 dipped 0.10% to 8,114, while Germany’s DAX rose 0.61% to 24,028.

In Japan, the Nikkei 225 fell 1% to 50,491 but still closed the week up 0.47%. The broader Topix declined by the same rate to 3,362, ending the week down 0.45%.

In commodities, Brent crude futures for February delivery rose 0.77%, or 49 cents, to $63.75 a barrel, logging a 0.90% weekly gain.

WTI crude for January delivery climbed 0.69% — or 41 cents — to $60.08 a barrel, extending weekly gains to 2.60%.

Gold futures for February delivery were unchanged at $4,243 per ounce but slipped 0.28% over the week.

Official data released Friday showed that the core personal consumption expenditures (PCE) price index — the Fed’s preferred inflation gauge fell to 2.8% in September, compared with expectations it would hold at August’s 2.9%.