(CNBC) U.S. stocks closed higher Friday for a third week of gains as mixed data pushed out expectations for the timing of the first rate hike.
"The data came in and emboldened investors," said Jack Ablin, chief investment officer at BMO Private Bank. "It looks like we're setting up for reasonable growth with no inflation. ... It's just more of the 'slightly bad news is good news' (because a rate hike is delayed)."
The major averages extended gains as the close approached, recovering from an intraday decline.
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