NEW YORK, New York – Solid U.S. spending numbers for last month buoyed U.S. markets on Friday, despite the data stoking inflation fears.

Disappointing quarterly earnings reports for Amazon and Apple caused an early dip but markets recovered when Microsoft hit a record high, taking the company’s capitalization above $2.5 trillion.

“The market hasn’t overly rewarded companies that have beat expectations that have come in screamingly positive, but it has punished misses,” Liz Young, head of investment strategy at SoFi told Reuters Friday.

“That tells me we are sort of shifting into this period where we have fundamentals starting to run the show again and that is a healthy place to be.”

At the close on Friday, the Dow Jones industrial index was ahead 89.08 points or 0.25 percent at 35,819.56.

The Nasdaq Composite gained 50.27 points or 0.33 percent to 15,498.39.

The Standard and Poor’s 500 advanced 8.96 points or 0.19 percent to 4,605.38.

The U.S. dollar recovered on the strong consumer spending data. the euro dropped back to 1.1561 by the New York close Friday. The British pound sank nearly one percent to 1.3687. The Japanese yen weakened to 113.96. The Swiss franc retreated to 0.9152.

The Canadian dollar edged down to 1.2375. The Australian dollar fell to 0.7523. The New Zealand dollar weakened to 0.7166.

On overseas equity markets, the FTSE 100 in London fell 0.16 percent. The Paris-based CAC 40 added 0.38 percent. The Dax in Germany declined 0.05 percent.

On Asian markets, the biggest loser was the Australian All Ordinaries, which gave up 100.60 points or 1.30 percent to 7,639.10.

In Japan, the Nikkei 225 advanced 72.60 points or 0.25 percent to 28,892.69.

The Hang Seng in Hong Kong shed 149.23 points or 0.58 percent to 25,406.50.

China’s Shanghai Composite gained 28.92 points or 0.82 percent to 3,547.34.