The S&P 500 and the Nasdaq have recorded their largest weekly percentage gains since August. Photo: AP PHOTO

Cooler-than-expected inflation data and upbeat corporate earnings lifted all three major US stock indexes to all-time closing highs on Friday, setting the stage for next week's earnings reports and an expected interest rate cut by the Federal Reserve.

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The S&P 500 and the Nasdaq recorded their largest weekly percentage gains since August, while the blue-chip Dow logged its biggest Friday-to-Friday jump since June.

The Labor Department's Consumer Price Index remained elevated

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