US stocks moved higher on Friday, putting Wall Street on course for an eighth consecutive weekly gain as easing pressure from the bond market lifted investor sentiment, AP reported.The S&P 500 rose 0.6 per cent and moved closer to the all-time high it touched last week. The Dow Jones Industrial Average climbed 307 points, or 0.6 per cent, while the Nasdaq Composite also advanced 0.6 per cent in early trade.Retail and technology stocks led gains after a fresh round of earnings updates.Ross Stores jumped 7.7 per cent after reporting quarterly profit and revenue that surpassed analysts’ expectations. Chief Executive Jim Conroy said the retailer saw strong customer traffic during the quarter and may have benefited from consumer spending linked to tax refunds.Estee Lauder rose 11.5 per cent after saying it was no longer considering a possible merger with Spanish fragrance and beauty company Puig.Workday gained 6.5 per cent and Zoom Communications surged 15.5 per cent after both companies reported stronger-than-expected quarterly earnings.The latest earnings have added to a broader trend of companies beating profit expectations, helping US stocks push toward record levels despite persistent inflation concerns linked to the Iran conflict.Oil prices also remained relatively stable after sharp swings earlier in the week. Brent crude, the international benchmark, rose 0.5 per cent to $103.05 per barrel, while US crude gained 0.4 per cent to $96.68 a barrel.Investor concerns over inflation and higher borrowing costs have pushed global bond yields higher in recent weeks, though yields eased slightly on Friday.The yield on the benchmark 10-year US Treasury fell to 4.54 per cent from 4.57 per cent on Thursday, helping reduce pressure on equities.Markets across Europe and much of Asia also traded higher. Japan’s Nikkei 225 climbed 2.7 per cent to a record level after data showed inflation eased to a four-year low of 1.4 per cent in April despite elevated energy prices.
