By Yasin Ebrahim

Investing.com – The S&P 500 climbed Friday, as tech was pushed higher by a Broadcom-fueled rise in semiconductor stocks and falling U.S. Treasury yields even as inflation rose at its fastest pace since 1982.

It rose by 0.63%. The Nasdaq gained 0.39% or 138 points.

The November inflation rate rose by 0.8%, which is a tenth more than was expected. However, year-on-year consumer price increases rose 6.8% to meet expectations. This represents the highest annual increase since June 1982.

“People expected a very large number of people to be there, but they were surprised when it came.” […] that’s why there’s a muted market reaction to this inflation report,” Chief Investment Officer of Opportunistic All Cap Equity Strategy at Spouting Rock Asset Rhys Williams told Investing.com in an interview on Friday.

Markets were not surprised by the multi-decade high rate of inflation. It was also largely priced in. This comes as investors expect the Federal Reserve will speed up bond tapering and become more hawkish during its next monetary policy meeting.

“Powell said two weeks ago that the Fed will discuss increasing the taper and inflation wasn’t transitory … that would suggest that the market is expecting increased hawkishness at the Fed meeting, compared to a month or two ago,” Williams added.

Tech rose sharply against the background of inflation in-line.

In addition to falling interest rates, the tech market was supported by better-than expected quarterly results from Broadcom and Oracle.

Broadcom (NASDAQ) rose more than 8 percent after it raised its quarterly dividend. It also announced that it would buy back $10 billion of shares on Thursday. The announcement came after Broadcom reported fiscal fourth quarter results which exceeded expectations. This was due to a rise in services and enterprise cloud demand.

“While FY21 experienced a meaningful rebound in Cloud, FY22 is likely to be characterized by sustained momentum in core enterprise and along with still tight supply and ASP [average selling price] tailwinds especially in 1HCY22, should support another double digit year of rev growth,” Credit Suisse said.

Oracle (NYSE: ) announced fiscal fourth quarter results which exceeded Wall Street expectations, pushing its shares up more than 15%

The market’s defensive segment, consumer stables, also saw an increase in popularity, with a Costco (NASDAQ) rise of more than 66%, following better-than expected quarterly results.

In other news, Beyond Meat (NASDAQ:) slipped more than 8% as Taco Bell reportedly is set to abandon plans to trial Beyond Meat’s plant-based version of carne asada, Bloomberg reported.