S&P 500 Rallies to a New Record High on US Economic Optimism

The S&P 500 Index ($SPX) (SPY) on Friday closed up +0.65%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.48%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.02%.  March E-mini S&P futures (ESH26) rose +0.61%, and March E-mini Nasdaq futures (NQH26) rose +0.96%.

Stock indexes rallied on Friday, with the S&P 500 posting a new all-time high amid optimism about the US economic outlook.  Signs of a resilient US labor market are supportive of the economy and stocks.  The Dec unemployment rate declined, and average hourly earnings rose more than expected, despite a smaller-than-expected increase in Dec nonfarm payrolls.  Stock indexes added to their gains after the University of Michigan's US Jan consumer sentiment index rose more than expected.