Nike’s stock surged 14.5% after reporting record quarterly revenue earnings in North America and a big jump in European sales. Wall Street made gains in early trading Friday, as data that showed a rise in US prices last month failed to dampen traders’ sentiment.

Nike’s stock was trading $152.70 at 9:35 AM ET, an all-time high, CNBC reports. 

Before markets opened, the Commerce Department reported its personal consumption expenditures (PCE) price index spiked 3.9% if compared to the same month in 2020, driven by rising prices for energy and services again in demand as COVID-19 cases fall.

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However Patrick J O’Hare of Briefing.com said traders appear to believe the May data “is at, or close to, peak inflation, meaning market participants are anticipating better inflation news in coming months.”

PCE prices are closely watched because it’s the Federal Reserve’s preferred gauge for inflation, and if they rise too high, the central bank may decide to lift rates from the zero level stocks have rallied on for more than a year.

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.5% at 34,350.99, and the broad-based S&P 500 gained 0.2% to 4,275.40.

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The tech-rich Nasdaq Composite Index climbed 0.3 percent to 16,610.37. Both the S&P 500 and Nasdaq added to record closes on Thursday.

Markets were also driven by anticipation of another injection of federal spending into the US economy after President Joe Biden on Thursday said a deal had been reached with a bipartisan group of lawmakers to spend nearly $1 trillion on infrastructure.

Banks traded higher after the Fed said 23 large US financial institutions had passed their yearly stress tests. Wells Fargo was up two percent, Bank of America gained 1.4% and JPMorgan Chase ascended 0.7%.