Wall Street posts strong gains ahead of inflation data

Key points

• US stocks closed higher on Wall Street, with all three major indexes gaining and logging weekly gains. Investors turned their attention to third-quarter earnings season and inflation data expected next week.
• The Dow rose 0.83 per cent, the S&P 500 gained 0.59 per cent and the Nasdaq rose 0.64 per cent. Telecom shares fell after SpaceX agreed to acquire a nationwide low-band spectrum portfolio, while Humana shares jumped 11.6 per cent.
• Apple slipped 1.1 per cent after a media report said it had told some suppliers to cut component production.