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The inventory market completed in uncharted territory on Friday because the S&P 500 closed above 5,000 factors for the primary time in its historical past. The massive-cap benchmark closed on Friday at 5,027, up by about 29 factors on the day, because it had completed on Thursday at 4,998. The index truly touched 5,000 on Thursday throughout intraday buying and selling, but it surely didn’t shut above 5,000 till Friday.
The S&P 500 completed final week up 1.4%, marking its fifth straight successful week and 14th optimistic week out of 15 weeks in 2024. Yr to this point, the index is up 5.4% by means of Feb. 9.
Nonetheless, final week was certainly an enormous week for the U.S. markets usually, even past the S&P 500.
Dow Jones Industrial Common additionally in document territory
It was a historic week for the Dow Jones Industrial Common too, as that benchmark established a brand new excessive on Thursday. The Dow closed at 38,726 on Feb. 8 after gaining 49 factors on the day. The Dow truly topped that in intraday buying and selling on Friday, climbing to 38,734, but it surely completed the day down barely at 38,672. For the week, the Dow ticked up 0.1%. Yr to this point, the Dow Jones Industrial Common is up 2.6%.
The Nasdaq Composite didn’t set any data or set up new highs final week, but it surely got here fairly shut. The index jumped 2.3%, ending the week at 15,991 after reaching a excessive of 16,007 throughout common buying and selling hours on Friday. It was additionally the fifth successful week in a row for the Nasdaq Composite. Yr to this point, the benchmark is up 6.5%.
When the Nasdaq Composite briefly poked above 16,000 on Friday, it was the primary time it had reached that degree since its all-time excessive of 16,212 on Nov. 22, 2021. Nonetheless, that prime was reached in intraday buying and selling. The Nasdaq Composite’s all-time closing excessive is 16,057 — set on Nov. 19, 2021. Mainly, the index has now worn out all of its losses from the late 2021 and 2022 bear market.
May the Nasdaq hit a document this week?
The markets have been combined in morning buying and selling on Monday, however the Nasdaq Composite did attain a excessive of 16,016 shortly after the opening bell. As of this writing, it’s hovering round 16,000, however with the all-time excessive lower than 60 factors away, the Nasdaq Composite might simply set up a brand new document closing excessive this week.
It is a big week for quarterly earnings with nearly 1,400 firms attributable to report. Among the many names to look at this week are Arista Networks (NYSE:ANET) on Monday; Coca-Cola (NYSE:KO) and Upstart (NASDAQ:UPST) on Tuesday; Cisco Programs (NASDAQ:CSCO) on Wednesday; and Coinbase International (NASDAQ:COIN) and DraftKings (NASDAQ:DKNG) on Thursday.
There may be additionally some key financial information popping out this week, particularly, the Client Worth Index (CPI) for January set for launch on Tuesday. The consensus amongst analysts is for the year-over-year inflation quantity to tick beneath 3% to 2.9% — from 3.4% in December.
If it does certainly go beneath 3%, it could be the primary time since March 2021 that the inflation fee has been beneath 3%. That may very well be good for the markets, as it could sign that the Federal Reserve is getting nearer to its goal of two% inflation and probably set the stage for rates of interest to start out coming down.
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