US stocks surged to record highs on Friday as investors digested a crucial inflation report that helped cement expectations for the Federal Reserve’s next policy moves. The September inflation data released on Friday morning came in cooler than expected.

IBM and Advanced Micro Devices created tailwinds for the main indexes after scoring a major quantum-computing win.

Thursday morning, Dow reported an adjusted per-share loss of 19 cents from sales of $10 billion. Wall Street was looking for a 31-cent loss from sales of $10.2 billion.

The Dow Jones Industrial Average was on track Friday to finish above 47,000 for the first time following what is set to be its best weekly showing since early July, Dow Jones Market Data showed. The Dow was up 926.

The Dow Jones industrial average hit a record, surpassing its prior all-time high, which was set in early October.

Dow Inc. has restarted two polyethylene resin lines at its Freeport, Texas, site following an Oct. 6 fire, while a third line remains under evaluation. The site represents nearly half of the company's domestic polyethylene output.