STOCK NEAR PEAK, BUOYED BY EXPECTATIONS OF GROWTH

Stocks notched their fourth straight monthly advance as data signaling prospects for a sustained rebound of the world’s largest economy outweighed inflation worries. The dollar was little changed, Rita Nazareth reported for Bloomberg News.

The S&P 500 ended the week near a record, while the Russell 2000 of small caps posted its eighth consecutive month of gains -- the longest run since 1995. Traders focused on the outlook for higher spending that could boost growth, even after the personal consumption expenditures core-price gauge rose the most in two decades.

The perception that the latest figures won’t be enough to prompt any change in policy by Federal Reserve officials also helped sentiment.

Inflation has certainly been a contentious topic for investors and economists alike, with some arguing that price increases are temporary and others anxious about elevated costs in the longer term.

President Joe Biden issued his first full budget proposal, detailing his ambitions to expand the size and scope of the federal government with more than $6 trillion in spending over the coming fiscal year.

The S&P 500 rose about 0.1% as of 4 p.m. in New York. The Nasdaq 100 rose 0.2%. The Dow Jones Industrial Average rose 0.2%. The MSCI World index rose 0.3%. The Bloomberg Dollar Spot Index was little changed. The euro was little changed at $1.2190.

The British pound fell 0.1% to $1.4188. The Japanese yen was little changed at 109.87 per dollar. The yield on 10-year Treasuries declined one basis point to 1.59%. Germany’s 10-year yield declined one basis point to -0.18%. Britain’s 10-year yield declined two basis points to 0.79%.

West Texas Intermediate crude fell 0.3% to $67 a barrel. Gold futures rose 0.4% to $1,906 an ounce, Sunil Jagtiani, Cormac Mullen, Joanna Ossinger, Robert Brand, Claire Ballentine and Nancy Moran reported for Bloomberg News.

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