Trader on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters
The S&P 500 stabilized Friday after hitting another record as investors wrapped the week on a high note.
The S&P 500 inched higher by 0.03% to close at 5,088.80. Earlier Friday, the broad market index broke above 5,100 for the first time. The Dow Jones Industrial Average added 62.42 points, or 0.16%, also reaching a fresh record and closing at an all-time high of 39,131.53. The Nasdaq Composite lost 0.28% to close at 15,996.82, but had notched a fresh 52-week high earlier in the session.
All three major averages registered winning weeks. The S&P 500 advanced 1.66%, while the tech-heavy Nasdaq gained 1.4% this week. The Dow is up 1.3% for the period.
S&P 500.
“The question from here is do investors shake that momentum? We’ve run up so far, so quickly. It might not make a lot of sense to chase that type of momentum,” said Charlie Ripley, senior investment strategist at Allianz Investment Management.
“Obviously, we haven’t seen quite the momentum as we have from technology stocks…I think that does pose some risks in terms of where the index goes ultimately, because clearly everything’s front-loaded into the technology shares,” he added.
Wall Street is coming off a monster day as Nvidia shares roared on strong quarterly results, leading the chipmaker to briefly surpass a $2 trillion valuation. On Thursday, the S&P 500 had its best day since January 2023, while the Nasdaq Composite popped nearly 3% for its best session since February 2023. The 30-stock Dow gained about 1.2%.
On the corporate earnings front, Block surged 16.1% after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 32.1% after the used car retailer said it expects retail units to grow in 2024.