Stocks rose on Friday as the government said December’s inflation reading was even lower than first reported, and the S&P 500 broke above the 5,000 level, after briefly trading above the historic milestone on Thursday.
The Dow Jones Industrial Average inched up 7 points, while the S&P 500 rose 0.1%. The Nasdaq Composite added 0.3%. For the week, the S&P is up 0.9%, while the blue-chip Dow and the Nasdaq Composite have gained 0.2% and 1.4%, respectively.
All the major averages are headed for a fifth consecutive winning week.
The government revised lower its December consumer price index to just a 0.2% increase, down from a 0.3% increase first reported. Core inflation figures, excluding food and energy, were the same. Treasury yields traded lower following the release of the revised figures. January’s CPI figures are due next week.
Nvidia, Alphabet and Microsoft looked set to push the S&P 500 above 5,000 on Friday with all three higher in the premarket.
A solid earnings season, easing inflation data and a resilient economy have powered the market rally into 2024, with the S&P up nearly 5% year to date. It’s also contributed to what’s poised to be another week of gains for stocks.