HomeFinancial MarketsS&P 500 Closes Above 5,000 for First Time

S&P 500 Closes Above 5,000 for First Time

The S&P 500 closed at 5,027 on Friday, marking the first time in history that it closed above 5,000. While the benchmark index rose 0.5%, the tech-heavy Nasdaq Composite surged 1.3% higher while the Dow Jones Industrial Average slipped 0.1%. This comes after a revision of December inflation data showed that inflation cooled even more than was initially reported.

Corporate earnings came in strong this past week, with tech giants including Amazon, Meta, Microsoft, and Nvidia all producing returns of around 20% to start the year. The returns of these four companies alone account for roughly 70% of the S&P 500’s gains this year.

Next week will see another influx of corporate earnings, with the likes of Coca-Cola, Coinbase, and Roku all set to announce their quarterly financial results. The Federal Reserve will continue to monitor the incoming corporate and economic data in an effort to guide its monetary policy going forward, with markers hoping for interest rate cuts in the near future.

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