The <a href="https://www.thenationalnews.com/business/banking/2024/02/09/uae-banks-set-for-another-year-of-strong-profitability-sp-says/" target="_blank">S&P 500</a> finished above 5,000 points for the first time on Friday, extending a rally on solid earnings and economic data that have raised confidence the US economy can avoid a recession. It is the 10th <a href="https://www.thenationalnews.com/business/markets/2024/01/19/sp-500-reaches-new-record-high-as-us-stocks-surge/" target="_blank">record in less than a month</a> for the index, which closed its 14th winning week in the last 15 to continue a romp that began around October last year. The Nasdaq composite jumped 1.2 per cent to pull within 0.4 per cent of its own all-time high, which was set in 2021. The Dow Jones Industrial Average was a laggard a day after setting its own latest record. It slipped 54 points, or 0.1 per cent. Milestones like the S&P 500 at 5,000 do not carry much weight for a market that is supposed to move on hard numbers like interest rates, profits and revenue, but they can buoy up a market that can also be prone to emotional moves. Large tech companies such as <a href="https://www.thenationalnews.com/business/technology/2024/01/31/google-alphabet-earnings/" target="_blank">Google parent Alphabet</a> and <a href="https://www.thenationalnews.com/business/technology/2024/02/02/amazon-stocks-jumps-8-on-strong-q4-profit-and-robust-future-outlook/" target="_blank">Amazon</a> continued to enjoy outsize support from investors, also lifting the Nasdaq. “This is an environment that emphasises the importance of following the leaders,” said Adam Sarhan of 50 Park Investments. “When you look at the leading stocks in Wall Street, clearly you can see technology continues to lead time and time again.” The broad-based index finished at 5,026.61, up 0.6 per cent, notching its 10th closing record of 2024. The tech-rich Nasdaq Composite Index jumped 1.3 per cent to 15,990.66, while the Dow Jones Industrial Average dipped 0.1 per cent to 38,671.69. Stocks have been on an upswing since late October as the <a href="https://www.thenationalnews.com/business/economy/2024/02/08/federal-reserve-asks-for-patience-before-cutting-us-interest-rates/" target="_blank">Federal Reserve pivoted away from aggressive interest rate</a> increases while inflation has eased. It is an encouraging signal that the stock market can keep hitting highs when expectations are dimming for an imminent cut to interest rates, particularly after the market earlier seemed to be moving solely on such forecasts. “A less emotional market is a positive sign, though investors must fight against the complacency that is a natural reaction to such a strong and steady bull run,” said Mark Hackett, Nationwide's chief of investment research. Revised consumer price index data showed a downwards revision in December. Markets are looking ahead to an updated CPI reading next week for January.