For the First Time, S&P 500 Has a '5' in Front of It

The S&P 500 came within a whisker of crossing the threshold of 5,000 on Thursday, and it hit the mark on Friday for the first time, reports CNBC. The benchmark index was up 13 points to 5,011 in late-morning trading, thanks in part to strong earnings reports, per the Wall Street Journal. A revised inflation report that came in lower than expected for December (0.2% instead of 0.3%) also helped. The question now is whether the S&P can close above the mark, even if it is mostly symbolic.

"A close above this closely watched level will undoubtedly create headlines and further feed fear of missing out (FOMO) emotions," Adam Turnquist of LPL Financial tells CNBC. "Outside of a potential sentiment boost, round numbers such as 5,000 often provide a psychological area of support or resistance for the market." The Dow wasn't having as good a day—it was in the red about 100 points. (More stock market stories.)