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S&P Cracks 5,000-Point Level, Enjoys 5th-Straight Winning Week


Stocks rose on Friday after December’s revised inflation reading came in lower than first reported, and the S&P 500 broke above the historic 5,000 level as strong earnings and economic news chugged on.

The Dow Jones Industrial Average faded 54.64 points to conclude Friday at 38,671.69.

The S&P 500 index jumped 28.7 points to 5,026.61.

The NASDAQ index popped 196. 95 points, or 1.3%, to 15,990.66.

For the week, the S&P was up 1.3%, while the NASDAQ gained 2.3%. The Dow was flat. All three major averages notched their fifth straight winning week and 14th positive week in 15.

A solid earnings season, easing inflation data and a resilient economy have powered the market rally into 2024, setting stocks up for a fifth consecutive week of gains. It has also propelled the S&P above the 5,000 level after touching the milestone during Thursday’s session. The S&P 500 first crossed 4,000 in April 2021.

A total of 337 S&P companies have reported quarterly earnings, with 77% of them surprising to the upside on earnings, according to FactSet.

A revision lower in December’s consumer price index also helped sentiment after the government adjusted the figure to a 0.2% increase, down from a 0.3% increase first reported. Core inflation figures, excluding food and energy, were the same. Treasury yields briefly traded lower following the release of the revised figures. January’s CPI figures are due next week.

Prices for the 10-year Treasury sagged, raising yields to 4.18% from Thursday’s 4.15%. Treasury prices and yields move in opposite directions.

Oil prices advanced 36 cents to $76.58 U.S. a barrel.

Gold prices floundered $8.80 to $2,039.10.



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