The Globe and Mail reports in its Friday edition that U.S. stocks closed higher on Thursday, led by tech-related momentum stocks, as fresh economic data rekindled hopes that inflation remains in a cooling trend. A Reuters dispatch to The Globe says that the Canadian benchmark index, however, ended in the red owing to a pullback in the energy sector. The U.S. Producer Prices Index (PPI) came in softer than expected, supporting the narrative that price growth is still cooling. "The data this morning was mildly more supportive of sort of a benign 'soft landing' outcome than the data Wednesday," said Brian Nick, senior investment strategist at Macro Institute. "I guess it feels like a natural kind of snapback from what was potentially an overreaction Wednesday." On Wednesday, hotter-than-expected U.S. CPI data sent stocks sharply lower and benchmark Treasury yields to their highest level since November. The report doused hopes that the U.S. central bank could implement as many as three rate cuts before year-end, possibly starting as soon as its June policy meeting. The S&P/TSX Composite Index closed at 22,110.11, down 89.02 points. Energy players were off 2 per cent as oil closed lower at $85.02 (U.S.) a barrel.