Global equities pared gains, the dollar rallied and Treasuries fell after reports showed the Federal Reserve’s preferred measure of inflation rose and the pace of U.S. economic expansion exceeded forecasts.
The Standard & Poor’s 500 Index trimmed a second weekly increase, after the benchmark fluctuated throughout Friday. The dollar strengthened for a third day versus the yen, while yields on 10-year Treasury notes topped 1.75 percent. Oil capped the biggest weekly gain since August after signs of strengthening U.S. fuel demand and speculation that some producers will complete an accord to freeze output. Industrial metals jumped as concerns about growth in top consumer China eased.