U.S. stocks open solidly higher after Friday's hot inflation reading

The major averages rose on Friday, extending Wall Street’s strong rally this week, despite inflation hitting a 39-year high.

The Dow Jones Industrial Average rose 158 points, or 0.4%. The S&P 500 rose 0.6% and the technology-focused Nasdaq Composite added 0.72%.

Inflation soared 6.8% year-over-year in November to fastest rate since 1982, the Labor Department said Friday. The print came in slightly higher than the 6.7% Dow Jones estimate. The consumer price index, which measures the cost of a wide-ranging basket of goods, rose 0.8% for the month.

Oracle shares soared, gaining more than 17%, a dayafter beating earnings on the top and bottom lines.

Southwest Airlines dropped 2.5% following another downgrade on Wall Street, this time from Goldman Sachs. The industry has been deemed susceptible to inflation risk.

Interactive fitness company Peloton added to its woes, dropping 2% after tumbling 11.3% on Thursday. Credit Suisse cut its view on the company, saying a return to gyms and shifts in consumer spending will weigh on profitability.