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

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 inched higher by 0.2%, while the Nasdaq Composite added 0.1%. The Dow Jones Industrial Average rose 165 points, or 0.4%.

The major averages are also tracking for a winning week. The S&P 500 and Nasdaq Composite have added more than 1% each, while the 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 11% on Friday following disappointing fiscal first-quarter guidance. Semiconductor stock KLA