S&P 500 closes above 5,000 for first time ever, notches fifth straight winning week
Stocks rose on Friday after December’s revised inflation reading came in lower than first reported, and the S&P 500 closed above 5,000 level as strong earnings and economic news chugged on.
Stocks rose on Friday after December’s revised inflation reading came in lower than first reported, and the S&P 500 closed above 5,000 level as strong earnings and economic news chugged on.
The Dow Jones Industrial Average slipped 90 points, or 0.2%, while the S&P 500 rose 0.5%. The Nasdaq Composite added 1.2%.
For the week, the S&P added 1.4%, while the Nasdaq’s gained 2.3%. Both indices notched their fifth straight winning week and 14th winning week in 15. The Dow finished 0.1% lower.
“At the end of the day, we’re still seeing whopping good news on an economic front, and the market is reacting to that,” said Dana D’Auria, co-chief investment officer at Envestnet. “The longer that story plays out, the more likely it seems to the market that we actually are sticking a landing here.”
A solid earnings season, easing inflation data and a resilient economy have charged 2024′s market rally, setting the S&P 500 up for a fifth consecutive week of gains. It’s also propelled the index above the 5,000 level after first touching above the milestone during Thursday’s session. The S&P first crossed 4,000 in April 2021.
Rating: 5