The major averages finished the day and week higher thanks to a plethora of earnings this week and tame inflation data out this morning. The Dow Jones Industrial average

 rose 472 points, or 1% to 47,207 securing its first close above the 47,000 level ever. The S&P 500 rose 53 points or 0.79% while the Nasdaq Composite rose 263 points or 1.15% to 23,204. All three major averages closed at record highs up around 2% on the week. The S&P 500 is now up 15% for the year, and the Nasdaq is up 20%.

The markets had their first economic data in a while thanks to the government shutdown.

The September consumer price index report came in at 0.3% on the month, bringing the annual inflation rate to 3%, according to the Bureau of Labor Statistics. That’s just below the 0.4% and 3.1% that economists polled by Dow Jones had expected. When excluding food and energy, core CPI came in at 0.2% last month and 3% on a 12-month basis, also lighter than the Dow Jones forecasts for 0.3% and 3.1%, respectively.

Interest rates did not move much with the 10-year Treasury yield up a basis point to  3.99%, while the 2-year Treasury note yield was unchanged at 3.48%. The 30-year bond yield gained a basis point to 4.58%. Following the CPI data, the odds of Fed rate cuts at the next two meeting rose to over 90% according to CME FedWatch tool.

Banks performed well on the anticipation of further interest rate cuts. JPMorgan, Wells Fargo, Morgan Stanley, Goldman Sachs, Robin Hood and Citigroup were all higher by 2% or more on the day.

Tech and chips performed well. Intel initially rose on earnings, but their guidance gave life to the other chips. Nvidia, Broadcom, AMD and Micron were all up 2% or more.

All the big cap techs performed well. Tesla was the only large cap tech lower. The other autos, Ford and GM had stellar weeks on better than expected earnings and guidance even as President Trump paused trade talks with Canada over an unfavorable TV ad in their country.

In the commodity space, oil had a good week on new oil restrictions with Russia. Crude oil is back above $60 a barrel. Gold was lower on the tame inflation data snapping a nine week winning streak. Crypto currencies and stocks were higher. Coinbase jumped 9% on an upgrade at JPMorgan.