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Tech surge lifts S&P 500 to first-ever close above 5,000 points

The S&P 500 finished above 5,000 points for the first time as US stocks continue to scale new records (ANGELA WEISS)
The S&P 500 finished above 5,000 points for the first time as US stocks continue to scale new records (ANGELA WEISS)

The S&P 500 surged Friday to finish above 5,000 points for the first time following the latest upward jump by large tech companies after months of gains.

The outsized gains by Google parent Alphabet, Amazon and other US tech icons also lifted the Nasdaq, despite a lackluster day in many overseas bourses.

A months-long rally in a series of large-capitalization tech stocks -- also including Apple, Microsoft and Nvidia --has led to repeat records on Wall Street.

"This is an environment that emphasizes 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 percent, notching its 10th closing record of 2024.

"While several US stock indices are trading in new record highs, their European peers find it difficult to keep up," said Axel Rudolph, Senior Market Analyst at online trading platform IG.

Recent labor and price data in the United States have underscored the resilience of the world's largest economy.

December's consumer price index was revised downward Friday to 0.2 percent on a monthly basis from 0.3 percent previously. Traders now turn their attention to the January CPI next week.

London fell for the third day in a row ahead of a slew of UK economic data next week, and AstraZeneca continued its slide on what the market interpreted as disappointing results.

Paris closed slightly lower as cosmetics company L'Oreal fell more than seven percent after it reported disappointing fourth quarter earnings.

But luxury giant Hermes bucked the trend, rising almost five percent after posting record annual sales and net profit, propelling it above L'Oreal as France's second biggest company in terms of market value.

Stock markets in Milan, Brussels and Amsterdam inched higher.

Oil prices climbed for a fifth straight day amid continued geopolitical worries.

- Key figures around 2150 GMT -

New York - Dow: DOWN 0.1 percent at 38,671.69 (close)

New York - S&P 500: UP 0.6 percent at 5,026.51 (close)

New York - Nasdaq: UP 1.3 percent at 15,990.66 (close)

London - FTSE 100: DOWN 0.3 percent at 7,572.58 (close)

Paris - CAC 40: DOWN 0.2 percent at 7,647.52 (close)

Frankfurt - DAX: DOWN 0.2 percent at 16,926.50 (close)

EURO STOXX 50: UP 0.1 percent at 4,715.87 (close)

Tokyo - Nikkei 225: UP 0.1 percent at 36,897.42 (close)

Hong Kong - Hang Seng Index: DOWN 0.8 percent at 15,746.58 (close)

Shanghai - Composite: Closed for a holiday

Euro/dollar: UP at $1.0789 from $1.0778 on Thursday

Dollar/yen: DOWN at 149.26 yen from 149.32 yen

Pound/dollar: UP at $1.2631 from $1.2617

Euro/pound: DOWN at 85.40 pence from 85.42 pence

West Texas Intermediate: UP 0.8 percent at $76.84 per barrel

Brent North Sea Crude: UP 0.7 percent at $82.19 per barrel

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