TheS&P 500breached the 5000 mark Friday after flirting with the record-breaking level on Thursday, buoyed by increasing positive sentiment that the Federal Reserve will apply six rate cuts this year.

The Bureau of Labor Statisticssaid Friday the Consumer Price Index inflation adjustments for the final quarter of 2023 remained unchanged at 3.3%. Markets are now looking ahead to Feb. 13, when January's CPI data is set to be released and analysts anticipate a notable slowdown in the yearly headline inflation rate, dropping from December's 3.4% to 3%.

The stock market has been defying gravity since Jan. 19, pointing to new all...