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The S&P 500 closed this week at a record high of 5,026.61. Following a week of good returns, largely driven by tech stocks such as NVIDIA (NVDA), Alphabet (GOOG), and Apple (AAPL), all of which have experienced a steady rise in value entering 2024. This also signals positive news for the stock market and the US economy moving forward, as stronger-than-anticipated jobs and inflation reports have fueled the market rally in 2024.
Additionally, the Dow Jones Industrial Average added 0.4% to reach 38,677.36, and the Nasdaq composite gained 0.9% to reach 15,756.64. Wall Street's rally began with hopes that cooling inflation would prompt the Federal Reserve to ease the pressure by cutting interest rates. However, recent reports indicate that such cuts may occur later than anticipated due to consistently robust economic indicators. Nevertheless, this strength has heightened expectations for company profits, providing support for stocks.