Stock Market Today: S&P 500 Nabs First-Ever Close Above 5,000
Strength in a number of mega-cap tech stocks helped the Nasdaq outperform and the S&P 500 tackle a psychologically significant technical level.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
The tech sector was the clear winner Friday, thanks to solid gains for several Magnificent 7 stocks. But it was the S&P 500's inaugural close above the psychologically significant 5,000 mark that really made headlines.
At the close, the Nasdaq Composite was up 1.3% to 15,990 and the S&P 500 had gained 0.6% to 5,026 – settling above the 5,000 level for the first time ever.
"On the surface, there is no difference between 5,000 and 4,999, but these big round numbers do hold psychological significance for investors," says Ryan Detrick, chief market strategist at Carson Group. "It is a great reminder of how far we've come and it wasn't that long ago that everyone on TV was telling us about a near-certain bear market and recession."
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The Dow Jones Industrial Average, meanwhile, slipped 0.1% to 38,671 as Walt Disney (DIS, -2.0%) gave back some of Thursday's earnings-related gains.
The S&P 500 and Nasdaq both notched weekly wins, marking the 14th time out of the past 15 weeks the two indexes closed higher on the week. This is a feat not accomplished by the S&P 500 since 1972, according to Dow Jones Market Data, while the Nasdaq hasn't strung together a winning streak like this since 1997.
Nvidia outperforms its fellow Magnificent 7 stocks
A number of mega-cap tech stocks helped fuel today's upside in the Nasdaq and S&P 500. Nvidia (NVDA), for one, jumped 3.6% after the Biden administration said it will invest $5 billion in semiconductor-related research and development.
Amazon.com (AMZN, +2.7%), Alphabet (GOOGL, +2.1%) and Microsoft (MSFT, +1.6%) were also notable gainers Friday.
PepsiCo, Expedia slump after earnings
Elsewhere, PepsiCo (PEP) stock fell 3.6% after the snacks and soft drinks maker reported fourth-quarter earnings. While the company beat on the bottom line, revenue of $27.9 billion, down 0.5% year-over-year, fell short of analysts' expectations. This was the first YoY decline in revenue for Pepsi since Q2 2020. PEP also lowered its full-year organic revenue growth forecast, citing slowing demand in reaction to higher prices.
CFRA Research analyst Garrett Nelson downgraded PEP to Buy from Strong Buy after earnings to reflect "near-term concerns related to slowing earnings growth (2024 growth should be about half the year-over-year rate achieved in 2023) and volumes [that] are likely to remain challenged by consumer pushback to product price increases."
Expedia (EXPE) was another post-earnings loser, sinking 17.8% after releasing its quarterly results. While the online travel company reported higher-than-expected fourth-quarter earnings and revenue, bookings of $21.7 billion came in below what Wall Street was anticipating. Separately, the company said CEO Peter Kern will be replaced by Ariane Gorin, current president of Expedia for Business, effective May 13.
January CPI on deck
In economic news, the Bureau of Labor statistics downwardly revised the December Consumer Price Index (CPI) to a month-over-month gain of 0.2% vs the previous reading of 0.3%.
Dana Peterson, chief economist of The Conference Board, said in an interview with Bloomberg that the revision was "good news," but added that it amounts to a "nothing burger." Rather, the key event will be next Tuesday morning's release of the January CPI.
Related content
- Kiplinger's Earnings Calendar for Feb. 12-16
- Airbnb To Start Charging A 2% Cross-Currency Guest Fee
- Super Bowl Indicator: Should Bulls Root for the 49ers or Chiefs?
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
Why Picking a Retirement Age Feels Impossible (and How to Finally Decide)Struggling with picking a date? Experts explain how to get out of your head and retire on your own terms.
-
7 Frugal Habits to Keep Even When You're RichSome frugal habits are worth it, no matter what tax bracket you're in.
-
The Best Precious Metals ETFs to Buy in 2026Precious metals ETFs provide a hedge against monetary debasement and exposure to industrial-related tailwinds from emerging markets.
-
For the 2% Club, the Guardrails Approach and the 4% Rule Do Not Work: Here's What Works InsteadFor retirees with a pension, traditional withdrawal rules could be too restrictive. You need a tailored income plan that is much more flexible and realistic.
-
Retiring Next Year? Now Is the Time to Start Designing What Your Retirement Will Look LikeThis is when you should be shifting your focus from growing your portfolio to designing an income and tax strategy that aligns your resources with your purpose.
-
I'm a Financial Planner: This Layered Approach for Your Retirement Money Can Help Lower Your StressTo be confident about retirement, consider building a safety net by dividing assets into distinct layers and establishing a regular review process. Here's how.
-
Stocks Sink With Alphabet, Bitcoin: Stock Market TodayA dismal round of jobs data did little to lift sentiment on Thursday.
-
The 4 Estate Planning Documents Every High-Net-Worth Family Needs (Not Just a Will)The key to successful estate planning for HNW families isn't just drafting these four documents, but ensuring they're current and immediately accessible.
-
Love and Legacy: What Couples Rarely Talk About (But Should)Couples who talk openly about finances, including estate planning, are more likely to head into retirement joyfully. How can you get the conversation going?
-
How to Get the Fair Value for Your Shares When You Are in the Minority Vote on a Sale of Substantially All Corporate AssetsWhen a sale of substantially all corporate assets is approved by majority vote, shareholders on the losing side of the vote should understand their rights.
