The major averages closed mixed following cooler inflation data out this morning helping lift the S&P 500 to its longest winning streak since 2017. The Dow Jones Industrial Average opened lower, rallied but then closed in the red, down 18 points. Nike was the weakest Dow component, down 11% after lowering its sales outlook and announcing cut costs to the tone of $2 billion over the next three years. The S&P 500closed up 7 points while the Nasdaq rose 29 points.

One of the Fed's favorite inflation gauges came in less than expected, showing a rise of 3.2% annual rate in November. Economists polled by Dow Jones were anticipating a rise of 0.1% month over month, and 3.3% year over year.

The 10-year Treasury yield closed at 3.9% virtually unchanged following the inflation data. The 10-year U.S. Treasury yield has declined nearly a full percentage point since the end of October.

Today's mixed rally was led by the Russell 2000 closing u p0.84% as the market rally continues to broaden out as bond yields have pull back. The small-cap index closed higher for the sixth straight week.

The three major averages notched their eighth positive week in a row. On the week the S&P 500 rose 0.8%, the Dow added 0.2% while the Nasdaq jumped 1.2%.