Brazil stocks surge

Brazil's stocks surged to a new record close on Friday and the national currency gained after tamer-than-expected indicators for US inflation eased concerns of possible Federal Reserve interest rate rises that would lure cash from emerging markets.
The Bovespa index of the Sao Paulo Stock Exchange rose 1.5 percent to close at 54,518.63 points, surpassing a previous record set on Thursday and boosting gains for the week to 4.18 percent. It was the best weekly performance for the Bovespa index since October 2006. The index has gained 22.8 percent so far in 2007.