US S&P500 closes above psychological mark of 5,000

The US stocks were mostly higher on Friday, 09 February 2024, with the S&P 500 closing above psychological mark of 5,000 for the first time ever, thanks to good news from Labor Department inflation revisions.

Market gains were, however, limited on caution ahead of the release of key data next week, including reports on consumer and producer price inflation, retail sales and industrial production.

Investors will also hear from Fed officials next week. Governor Michelle Bowman will speak at the American Bankers Association Conference on Monday, before Vice Chair for Supervision Michael Barr is slated to speak on monetary policy and bank regulation Wednesday.

At closing bell, the Dow Jones Industrial Average index fell 54.64 points, or 0.14%, to 38,671.69. The S&P500 index added 28.70 points, or 0.57%, to 5,026.61. The tech-heavy Nasdaq Composite index was up 196.95 points, or 1.25%, to 15,990.66. For the week, the Nasdaq shot up by 2.3% and the S&P 500 jumped by 1.4%.

Total 8 of 11 S&P500 sectoral indices inclined, with information technology sector being top performer, rising 1.5%, while energy sector was bottom performer, falling 1.56%.

Among individual stocks, shares of Cloudflare closed higher after the cloud services provider reported better than expected fourth quarter results and provided upbeat guidance.

Shares of Pinterest moved sharply lower after the image-sharing company reported weaker than expected fourth quarter revenues and provided disappointing guidance.

ECONOMIC NEWS: The Labor Department released a report on Friday showing the consumer price index rose by 0.2% in December compared to the previously reported 0.3% increase. Meanwhile, the increase by core consumer prices, which exclude food and energy prices, was unrevised at 0.3%.

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