Traders and financial professionals work on the floor of the New York Stock Exchange.
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The S&P 500 stabilized Friday after hitting another record as investors looked to end the week on a high note.
The S&P 500 added 0.2%. Earlier Friday, the broad market index broke above 5,100 for the first time. The Dow Jones Industrial Average added 114 points, or 0.3%, also reaching a fresh record. The Nasdaq Composite added 0.1%.
Wall Street is coming off a monster session as Nvidia shares roared higher on strong quarterly results, leading the chipmaker to surpass a $2 trillion valuation. The S&P 500 had best day since January 2023, while the Nasdaq Composite popped 3% for its best session since February 2023. The 30-stock Dow gained 1.2%.
All three major averages are on track for winning weeks. The S&P 500 is pacing for a 1.6% advance, while the tech-heavy Nasdaq has gained 1.3% so far this week. The Dow is up 1.5% 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.
On the corporate earnings front, Block surged more than 17% after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 35% after the used car retailer said it expects retail units to grow in 2024.
