The stock market finished the day much like the week, with the major averages mixed and the reflation trade on the back foot despite the strong jump in consumer prices.
The Nasdaq (COMP.IND)+0.4% extended its winning streak to four weeks, up 1.9% over the five sessions, while the S&P (SP500)+0.2% managed to eke out a weekly win, up 0.4%, for the third time in a row.
The Dow (DJI), barely up today, dropped three of five sessions, falling 0.8% for the week.
The 10-year Treasury yield was flat at 1.46% for Friday, but hit 1.43% on the day, the lowest level in three months.
The 10-year dropped nearly 12 basis this week, the biggest tumble in nearly a year.
For now, it seems the markets aren't willing to fight the Fed's transitory inflation message. Which, in turn, is giving the FOMC a little more leeway with its taper signaling with the 10-year back below 1.5%.
For the day, the eights S&P sectors closed higher, with a rebound in Financials leading the way, followed by Info Tech.
Healthcare was at the bottom.
The megacaps were mostly lower, with Apple at the top and Facebook lagging.