Wall Street extended its rally on Friday as signs of peaking inflation and consumer resiliency sent investors into the long holiday weekend with growing optimism that the Federal Reserve's policy tightening can avoid tipping the economy into recession.

U.S. stock indexes opened higher on Friday as data showed strength in consumer spending and signs of peaking inflation, providing relief to investors worried about a sharp slowdown in economic growth.

(Reuters) -The S&P 500 index on Friday was set for its best weekly gain since mid-March as upbeat earnings, strength in consumer spending and signs of inflation peaking eased worries about a sharp slowdown in economic growth.

U.S. stocks were set to open higher on Friday as data showed strength in consumer spending and signs of peaking inflation, providing relief for investors worried about a sharp slowdown in economic growth.

U.S. stocks rallied on Friday, boosted by upbeat earnings, strength in consumer spending and signs that inflation was peaking, easing worries about a sharp slowdown in economic growth.

U.S. stock index futures extended gains on Friday after data showed annual inflation appeared to have peaked, while strength in consumer spending allayed concerns about a sharp slowdown in economic growth.