Stocks rally and Dow closes above 47,000 for first time after cooler-than-expected inflation report

By John Towfighi, CNN New York (CNN) — Better-than-expected inflation data Friday morning sparked an end-of-week rally in stocks, sending the Dow, S&P 500 and tech-heavy Nasdaq Composite soaring to fresh record highs. The Dow gained 473 points, or 1.01%, and closed at 47,207.12. The blue-chip index closed above 47,000 for the first time ever.