The stock market wrapped up the week on a historic note as the S&P 500 index achieved a milestone by closing above 5,000 points for the first time ever. Ending the day at 5,027 points, the large-cap benchmark recorded a gain of approximately 29 points on Friday, following Thursday’s close at 4,998. Although the index briefly touched the 5,000 mark during Thursday’s trading session, it officially closed above this level on Friday.
Last week proved to be significant not only for the S&P 500 but also for other major benchmarks in the U.S. markets.
Dow Jones Also Hits Record High
The Dow Jones Industrial Average joined the S&P 500 in setting new records, reaching a new high on Thursday. Closing at 38,726 points on February 8, the Dow gained 49 points for the day. While it surpassed this level during Friday’s trading session, closing slightly lower at 38,672 points, it still marked a notable achievement. The Dow saw a modest increase of 0.1% for the week and has gained 2.6% year-to-date.
Nasdaq Composite Approaches All-Time High
Although the Nasdaq Composite didn’t establish new highs last week, it came close to doing so. The index surged by 2.3%, finishing the week at 15,991 points and reaching a peak of 16,007 during Friday’s regular trading hours. This marked the fifth consecutive winning week for the Nasdaq Composite, which has seen a year-to-date increase of 6.5%.
As the Nasdaq Composite briefly surpassed the 16,000 mark on Friday, it approached its previous all-time high reached in November 2021. While the index didn’t break its all-time closing high of 16,057 points set in November, it has recovered from losses incurred during the late 2021 and 2022 bear market.
Potential for Nasdaq Record This Week
Monday’s morning trading saw mixed performance in the markets, but the Nasdaq Composite reached a high of 16,016 shortly after the opening bell. With the all-time high within reach, the index could achieve a new record closing high this week.
The upcoming week is significant for quarterly earnings reports, with nearly 1,400 companies scheduled to report. Key names to watch include Arista Networks, Coca-Cola, and Upstart on Tuesday, Cisco Systems on Wednesday, and Coinbase Global and DraftKings on Thursday.
Additionally, important economic data is set to be released, including the Consumer Price Index (CPI) for January on Tuesday. Analysts expect the year-over-year inflation number to drop below 3% to 2.9%, potentially signaling progress towards the Federal Reserve’s inflation target and influencing interest rate decisions.
