For the first time ever, the S&P 500 closes over 5,000

Stocks experienced an uptick on Friday following a downward revision of December's inflation figures, which turned out to be lower than initially reported. The S&P 500 surpassed the 5,000 mark fueled by robust earnings and positive economic indicators.

The Dow Jones Industrial Average saw a slight decline of 90 points, equivalent to 0.2%, while the S&P 500 recorded a 0.5% increase. The Nasdaq Composite surged by 1.2%.

Over the course of the week, the S&P rose by 1.4%, and the Nasdaq saw a gain of 2.3%. Both indices achieved their fifth consecutive week of gains, marking their 14th winning week out of the past 15. However, the Dow concluded the week with a marginal 0.1% decrease.

The ongoing strong earnings reports, coupled with softer inflation figures and the resilient state of the economy, have been the driving forces behind the market rally in 2024. This momentum has propelled the S&P 500 to achieve gains for the fifth week in a row, breaching the 5,000 level after initially surpassing it during Thursday's trading session. It's worth noting that the S&P first crossed the 4,000 milestone back in April 2021.