Diverse index closed its fifth straight week of gains fueled by bumper earnings and a string of data showing the US economy stays resilient.
The S&P 500 (SPX) blasted through 5,000 points for the first time on Friday, closing at a record high of 5,026. The bull camp is firing on all cylinders (cranking on mezcal espresso martinis?) so much so that the broad-based index wrapped up its fourteenth week of gains in a 15-week stretch – a feat unseen since 1972. What’s behind the record-breaking rally?
Markets are hyped over easing consumer price pressures and ran ahead of events, prospecting another cool inflation report this week. Slated for Tuesday, the US consumer price index figure is expected to show price increases moderated to 2.9% in January, down from 3.4% in the prior month.
In other good news, America’s public companies are putting together a strong earnings season. Two stacked weeks into quarterly updates, roughly 70% of the S&P 500 companies have released their financials. About 75% of them have exceeded Wall Street’s consensus views, indicating continued growth in a resilient economy.