According to Blockworks, on Friday, U.S. stocks rebounded as positive earnings reports from large technology companies offset inflationary pressures. Cryptocurrencies did not change much. The Federal Reserve's preferred inflation indicator showed that annual price growth was 2.7% in March, while analysts had forecast an increase of 2.6%.
The U.S. Commerce Department reported Friday that the personal consumption expenditures price index, excluding food and energy, rose 2.8% last month. The S&P 500 and Nasdaq Composite rose 1% and 2%, respectively, in Friday's trading. Analysts said large technology stocks were the market's savior as solid earnings reports from Alphabet and Microsoft sent shares up 10% and 3%, respectively.
Cryptocurrencies, on the other hand, were relatively stable on Friday after a rather volatile week. Bitcoin (BTC) was up 0.4% at around $63,600, while Ethereum (ETH) was down 0.3% at $3,100. Traders are looking forward to next weekâs Federal Reserve interest rate decision, which is due on Wednesday.
