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Here's your closing bell brief for Friday, October 24th.

I'm Catherine Sullivan for the Wall Street Journal.

U.S. stocks surged to record highs today after investors welcomed a softer than expected inflation report.

The consumer price index rose 3% over the 12 months through September, reinforcing convictions that the Federal Reserve

will likely cut rates twice more this year. The Dow climbed 1%, closing above 47,000 for the first time.

The S&P 500 gained 0.8%, and the NASDAQ added 1.2%, both also setting records.

Market optimism was also supported by strong earnings and news of an upcoming meeting

between President Trump and Chinese leader Xi Jinping.

Among individual companies, shares of Ford Motor jumped 12% after strong sales

propelled the automakers' revenue and operating income well-past estimates.

Shares of IBM climbed 8% following better-than-expected third-quarter earnings.

Shares of general dynamics increased less than 3%, driven by higher quarterly profit and increased orders for business jets.

Decker's outdoor shares tumbled 15% after the footwear company

forecast full year sales that missed analyst estimates. And Booz Allen Hamilton stock fell nearly 9%

after the consulting firm cut its outlook for the year. Heads up, an artificial intelligence

tool helped us make this episode by creating summaries

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