Stocks climbed higher on Friday following a revised December inflation report that showed lower figures than initially reported. The S&P 500 breached the historic 5,000 level as robust earnings results continued to drive market sentiment.
The Dow Jones Industrial Average dipped by 80 points, or 0.2%, while the S&P 500 saw a 0.3% increase. The Nasdaq Composite posted a gain of 0.8%. Over the course of the week, the S&P 500 advanced by 1.1%, while the Dow Jones and Nasdaq Composite rose by 0.1% and 2%, respectively.
The ongoing strong earnings season, along with more moderate inflation data and a resilient economy, have fueled the market rally in 2024. This positive momentum has paved the way for stocks to achieve gains for the fifth consecutive week. The S&P 500 surpassed the significant 5,000 level after reaching this milestone during Thursday’s trading session. Previously, the S&P 500 had surpassed the 4,000 mark in April 2021.
Source (CNBC)
