The stock market rose on Friday and celebrated another record as S&P 500 closed above the 5,000 level for the first time ever. December’s consumer price index also helped in the rally as it was adjusted to a 0.2% increase, down from the initially reported of 0.3%.
A solid earnings season, easing inflation data and a strong economy have propelled the market rally so far this year.
Overall, S&P 500 increased 0.6% to 5,027, while NASDAQ was up 1.3% to 15,991.
Tweet of the Day
Asset managers are really, really, really long this market 🚨 pic.twitter.com/alCZ4DqDvi
— Markets & Mayhem (@Mayhem4Markets) February 8, 2024
Chart of the Day
Here is the ten-year chart of DR Horton (DHI) as of January 30, 2024, when the stock was at $143.
Homebuilder DR Horton is well positioned for the current operating environment as money is tight due to years of high inflation and interest rates. In addition, the floor of immigrants crossing the mexican border means high demand for affordable housing for the foreseeable future. And the company is scoring lots of new sales. Net sales orders, jumped by 35% year-over-year last quarter. DR Horton achieved this success by offering incentives, making homes more affordable, but that has cut into profits.
DHI is on the radar for the Conservative Stock Portfolio.
