The Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Composite climbed to record highs during the week, with the Dow crossing the 40k threshold for the first time ever. As inflation and interest rate worries appeared to dissipate, growth stocks outperformed. The major factor supporting sentiment appeared to be Wednesday’s release of the US Labor Department’s April consumer price index (CPI), which came in at or modestly below expectations, in contrast to hotter-than-expected prints over the preceding three months. Thursday’s US retail sales figure was another boost for stocks as bad macro news seemed to be good news for the market (retail sales were flat in April versus consensus estimates of a 0.4% gain). The downside inflation and growth surprises helped drive the yield on the US 10-year note to its lowest level in over a month. The STOXX Europe 600 Index rose 0.4% but slipped from the record high hit during the week. Japanese equities finished the week higher, with the Nikkei 225 Index gaining 1.5%. Commodities prices have surged to their highest level in 13 months. Gold surged to a new record closing high this week, its first close above $2400. Silver officially closed above $30 for the first time in over a decade. Copper hits its highest closing price in history. Meanwhile, the dollar tumbled this week, erasing the gains since April's CPI print surge. It was a big week for bitcoin with the largest cryptocurrency back above $67,000 to its highest in six weeks.