U.S. equity markets continued to press higher last week amid robust economic data including a strong retail sales report and generally well-received third quarter corporate earnings reports.

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U.S. equity markets added to their strong year-to-date performance last week amid the start of the third quarter corporate earnings season despite a hotter than anticipated inflation update that pushed long-term interest rates higher.

The major U.S. stock indexes alternated between small daily gains and losses before staging a modest rally on Friday to end with fractional gains for the week. It was enough to push the S&P 500 and the Dow just above the record highs they set the previous week, while the NASDAQ ended just 2.7% below the record high that it set three months ago.

U.S. equities maintained their upward momentum last week with support from healthy economic data and continued moderation in inflation readings. The S&P 500 and Dow Jones each gained 0.6% for the week, while the Nasdaq Composite rose 1.0%.