US stocks climbed toward record highs, with the Nasdaq Composite gaining 2.58% for the week. Growth stocks outperformed value stocks, while small caps fell behind. The S&P 500 and Nasdaq ended the week less than 1% below their highest closing levels ever. Markets rallied Thursday after President Trump delayed new global tariffs, allowing room for negotiations. Inflation came in higher than expected, with January CPI rising 3.0% from a year ago and core CPI increasing 0.4% from the previous month. The data led investors to push back expectations for a Fed rate cut from September to December. Fed Chair Powell said inflation is still too high, so policymakers will keep interest rates restrictive for now. Treasury yields jumped after the inflation report, with the 10-year yield reaching 4.66% before pulling back. Municipal bonds struggled, while investment-grade corporate bonds saw strong demand. High-yield bonds remained stable.