The major averages closed mixed on the day with the S&P 500 at a new high following December inflation data that was revised lower than originally reported.  The Dow Jones Industrial Average fell 54 points or 0.14%. The S&P 500 rose 28 points or 0.57% while the Nasdaq Composite rose 196 points or 1.25%.  

The government adjusted the CPI  figure to 0.2% from a 0.3% increase initially reported. Core inflation figures, excluding food and energy, were the same. January's CPI figures are due out next week. Treasury yields were flat today with the 10 Year Treasury closing at 4.17%.

What rally there was today was led by tech once again thanks to Tesla, Google, Microsoft, Nvidia and the rest of the chip sector.

To the downside, PepsiCo fell 3% on lackluster earnings. Take-Two Interactive dropped 8% on disappointing guidance. Pinterest was down 9% after missing sales estimates and weaker-than-expected forecast.

A total of 337 S&P companies have reported quarterly earnings, with 77% of them surprising to the upside on earnings, according to FactSet.

Bitcoin had a good day, rising 4% back toward the January highs.

Solid earnings and tame inflation allowed the averages to rise for a fifth consecutive week.  The S&P 500 closed above 5,000 level for the first time, up 1.4% on the week. The Nasdaq was up 2.3% on the week while the Dow was unchanged on the week.