The S&P 500 closed Friday above 5,100 for the first time and completed a run of 16 positive weeks out of the last 18 for first time since 1971. Boosted by continuing interest in AI (artificial intelligence) companies, the Nasdaq Composite capped its seventh gain in the past eight weeks. Economic data and commentary from Federal Reserve officials continued to support a higher-for-longer stance on interest rates. Last week’s commentary comes ahead of Fed Chair Powell's appearance on Capitol Hill this Wednesday and Thursday.

All three major U.S. equity indices finished positive for a fourth straight month, with the S&P 500 recording its largest February gain in nearly a decade. Stocks primarily rallied on broadening investor appetites for artificial intelligence (AI) related technology companies, with its bellwether leading AI chipmaker supporting the theme with blockbuster better-than-expected quarterly earnings growth. The tech-heavy Nasdaq Composite surged over 6.2% for the month, finishing February at it first all-time closing high since November 2021.