S&P 500 rises on Friday, stocks head for winning week: Live updates - CNBC

NEW YORK, NEW YORK - JANUARY 22: Traders work on the floor of the New York Stock Exchange during afternoon trading on January 22, 2024 in New York City. The Dow Jones and S&P both hit all time highs with the Dow Jones closing over 38,000 points for the first time ever as stocks continue to rise. (Photo by Michael M. Santiago/Getty Images)

Michael M. Santiago | Getty Images News | Getty Images

The S&P 500 inched higher on Friday, extending weekly gains as the latest economic data added to a positive picture of the economy.

The broad index and Nasdaq Composite added 0.1% and 0.2%, respectively. The Dow Jones Industrial Average rose 123 points, or 0.3%.

The major averages are also tracking for a winning week. The S&P 500 and technology-heavy Nasdaq Composite have advanced more than 1% each, while the blue-chip Dow has gained 0.8%.

Both the S&P 500 and Nasdaq have climbed for the past six sessions. The benchmark S&P 500 has closed at a record high for five straight trading days, the longest streak of its kind since November 2021.

Stocks got a boost this week from encouraging economic data. More positive numbers came Friday.

December's core personal consumption expenditures price index came in line with economists' forecasts month over month, but was slightly lower than anticipated on an annualized basis, data released Friday shows. It's a preferred gauge of inflation for the Federal Reserve, which sets monetary policy.

Friday's PCE print came a day after gross domestic product data revealed higher-than-expected economic growth in the fourth quarter. That bolstered investors' hopes that the economy has avoided a deep recession.

"All the economic data — both the GDP and PCE — was good this week," said Rhys Williams, chief strategist at Spouting Rock Asset Management. "That was comforting to everybody. And I think it does show we're still in this potential 'Goldilocks' landing, where the economy softens a bit but is still positive."

But sell-offs among some well-known stocks on the back of earnings reports restricted gains.

Chipmaker Intel dropped more than 10% on Friday after offering a disappointing fiscal first-quarter outlook. Semiconductor stock KLA Corp slid more than 5% in the session after the company posted light guidance for its fiscal third quarter.

Elsewhere, Tesla, a retail investor darling, was on pace for its worst week since October. Shares took a leg down after the electric vehicle maker posted disappointing earnings and warned of trouble in 2024.

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