Nasdaq ends at 13.5-year high

Stocks capped the week with impressive gains as investors seemed to shrug off a batch of mixed economic reports. All three major averages posting their biggest weekly gain of the year.

On the economic front, consumer sentiment was unchanged in early February at 81.2, according to the preliminary reading of the Thomson Reuters/University of Michigan. Analysts polled by Reuters expected a February reading of 80.6.

Meanwhile, export prices rose 0.2 percent, while import prices ticked up 0.1 percent.

Industrial production declined 0.3 percent in January, against an expectations for a gain of 0.3 percent.

Economists trimmed their forecasts for U.S. economic growth in the first quarter of the year, with payroll expansion seen remaining somewhat subdued, but they expect the pace of activity to pick up in the second quarter.

Analysts see the economy growing at an annual rate of 2.0 percent in the current quarter, down from a previous estimate of 2.5 percent, according to the Philadelphia Federal Reserve’s quarterly survey of 45 forecasters. Second-quarter growth was forecast to accelerate to 3.0 percent, up from a prior forecast of 2.9 percent.

Asia shares were mixed on Friday, after subdued inflation data out of China.

Chinese consumer inflation rose an annualized 2.5 percent last month, but remained at a seven-month low. Producer prices fell for the 23rd straight month.

Meanwhile, Japanese stocks erased early gains, despite Finance Minister Akira Amari saying that most of the government’s $53 billion stimulus package will be implemented by June.

Shares in Europe were also mixed, after better-than-expected euro zone growth data. Both Germany and France grew faster than forecast in the final quarter of 2013, with their economies expanding by 0.3 percent and 0.4 percent respectively.

News Sources:  CNBC and CNN Money

MONDAY: Presidents day — All markets closed