Stock Mania Rages On as S&P 500 Closes Above 5,000: Markets Wrap
- US CPI revisions confirm inflation progress at end of 2023
- BofA’s Hartnett says stocks close to triggering a sell signal
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Wall Street notched a milestone, with the S&P 500 topping 5,000 amid a renewed rally in big tech and hopes the Federal Reserve will soon be able to cut rates — bolstering the outlook for corporate profits.
Equities powered ahead to close at another all-time high, capping a fifth straight week of gains. From its March 2020 pandemic-low, the US benchmark gauge has more than doubled, fueled by bets on a soft landing and the artificial-intelligence euphoria. In fact, the advance Friday was driven by the index’s most-influential group — technology — with the Nasdaq 100 up 1%.