The S&P 500 ended a five-session streak of record highs yesterday as US economic data showed inflation moderating. The S&P 500 ended at 4,891 points. The Nasdaq declined 0.4% to 15,455 points, while Dow Jones Industrial Average rose 0.2% to 38,109 points.

Even as the S&P 500 and Nasdaq ended the session lower, all three major indexes recorded their third straight weekly gain and their 12th weekly advance out of 13. For the week, the S&P 500 added 1.1 percent, the Dow gained 0.7 percent and the Nasdaq advanced 0.9 percent.

A US Commerce Department report showed the personal consumption expenditure index – the Federal Reserve's preferred inflation gauge – rose moderately in December. This kept the annual increase in inflation below 3 percent for a third-straight month and bolstered the case for rate cuts this year. On Thursday, data showed a strong fourth-quarter US economic growth reading.