Stocks edge higher as S&P 500 bids to close above 5,000

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Stocks traded in the green to start the day on Friday, pointing to another record-setting session as investors applauded a revision of 2023 inflation data ahead that showed it was even lower than first reported.

The S&P 500 (^GSPC) rose 0.1% after Thursday’s hard-won record close put the benchmark within three points of ending above 5,000 for the first time. The Dow Jones Industrial Average (^DJI) slipped below the flatline, while tech-heavy Nasdaq Composite (^IXIC) led the way high, gaining 0.3%.

A stream of well-received quarterly earnings has buoyed stocks in a week thin on economic updates, which have been driving shifts in direction thanks to their importance to the Federal Reserve’s thinking on policy.

Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards

Given that, investors watched the revisions to the 2023 consumer price index on Friday more closely than usual. Fed officials have stressed they’re taking the time to check price pressures really are cooling before making any interest rate cuts.

PepsiCo (PEP) results take center stage on Friday as the pace of corporate earnings starts to slacken. Shares slipped more than 2% in morning trading after the soda and snacks giant’s sales missed Wall Street estimates amid price hikes.

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  • Stocks open higher in a the S&P’s chase for a 5,000 close

    Stocks opened mostly higher Friday morning, setting the S&P up for a close above 5,000, after December’s inflation reading was revised even lower than originally thought.

    The S&P 500 (^GSPC) rose 0.1% The Dow Jones Industrial Average (^DJI) slipped below the flatline, while tech-heavy Nasdaq Composite (^IXIC) led the way high, gaining 0.3%.

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