Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

S&P 500 closes above 5,000 for first time ever, notches fifth straight winning week

by February 10, 2024
February 10, 2024
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.

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.

“A close above this closely watched level will undoubtedly create headlines and further feed fear of missing out (FOMO) emotions,” said Adam Turnquist, chief technical strategist at LPL Financial. “Outside of a potential sentiment boost, round numbers such as 5,000 often provide a psychological area of support or resistance for the market.”

A revision lower in December’s consumer price index also helped sentiment. The government adjusted the figure to a 0.2% increase, down from a 0.3% increase initially 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.

Megacap technology stocks gained again on Friday, contributing to the S&P’s march above 5,000. Nvidia and Alphabet added more than 2% each. Cloudflare skyrocketed 19.5% on strong earnings, boosting the broader cloud sector in tandem. Semiconductor stocks also rose, with the VanEck Semiconductor ETF edging up 2.2%.

The back half of the fourth-quarter earnings reporting period pressed on, with PepsiCo falling 3.6% on mixed results. Take-Two Interactive slumped 8.7% on a disappointing outlook, while Pinterest dropped 9.5% after issuing a weaker-than-expected forecast and missing revenue estimates.

Despite these negative prints, earnings have so far proven more robust than expected. A total of 332 S&P companies have reported results, with about 81% of them reporting earnings above analyst expectations, according to LSEG. That compares to a 67% beat rate in a typical quarter since 1994.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
The Costco Stock Surge: What You Need to Know Right Now!
next post
Prismo Metals ZTEM Survey Identifies Priority Drill Target at the Hot Breccia Copper Project in Arizona

Related Posts

Potential UPS strike: Where talks stand and what...

July 25, 2023

RTX, GE Aerospace expect more than $1 billion...

April 23, 2025

Bed Bath & Beyond relaunches with first store...

August 13, 2025

Chrysler recalling 338,000 Jeep Grand Cherokees over potentially...

March 2, 2024

Golf’s PGA Tour and LIV merger is the...

June 12, 2023

Home buyers to be spared automatic broker commissions...

March 16, 2024

As pet insurance becomes more popular, owners complain...

August 17, 2023

Applebee’s owner Dine Brands to lean on value,...

March 8, 2025

FCC greenlights Paramount’s $8 billion merger with entertainment...

July 26, 2025

American Eagle shares plunge 17% after it withdraws...

May 15, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

    • Lithium Market Update: Q3 2025 in Review

    • Despatch of SPP Offer Documents

    • Crypto Market Update: FalconX to Buy 21Shares, Senate Democrats Call Out Trump Envoy

    • Apollo Silver

    • Blackrock Silver Commences Phase 2 Hydrology Program, Geotechnical Evaluation and Seismic Survey on the Tonopah West Project

    Categories

    • Business (1,401)
    • Investing (3,062)
    • Politics (3,699)
    • Stocks (1,828)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved