The S&P 500 index, which tracks large US companies, hit a new record high of 5026.58 points on Friday, up 0.5 percent from the previous day. Meanwhile, the Dow Jones fell slightly by 0.2 percent and the Nasdaq rose 1.2 percent. This marks the fifth consecutive week of gains for the S&P 500 index.
The technology sector has been one of the main drivers of this growth, with companies like Google’s parent company Alphabet and chip company Nvidia both rising more than two percent on Friday.
Despite recent statements from Federal Reserve Chief Jerome Powell suggesting that interest rate hikes may not come until at least March, investors remain optimistic about the future of the market. Positive inflation figures and a strong economy are helping to boost shares, with analysts predicting that the US will avoid a recession in 2023.
Inflation figures for December were recently adjusted downward in the United States, with prices rising at an annual rate of just 3.3 percent during the last quarter of the year. Despite this slight decline, investors remain confident that prices will continue to rise in coming months.
During the earnings season, over 80% of S&P 500 companies reported results that exceeded analyst expectations, providing further support to the stock market.
Overall, while there are still many unknowns about what lies ahead for investors and markets around the world, many experts believe that we can expect to see continued growth in major indices like the S&P 500 well into next year.