The View from 5th Avenue

The View from 5th Avenue – 8 February 2024

It had to be done, and for a brief second in the final seconds, the S&P 500 crossed the 5000 mark. The index ultimately closed at 4997.91 a few seconds later, but 5000 has been breached. All three major indexes closed in the green today as momentum continues to the upside. Outperformance shifted away from the Mag7 and towards the Russell 2000, which added 1.5% today, and closing above its 50-day moving average (1951). News flow continues to focus on earnings since the economic calendar is light…

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