CNBC Markets Now: May 17, 2024

Stocks held firm to close out another strong week, with just enough late strength to push the Dow industrials to their first close above the 40,000 mark. The S&P 500 index nudged higher by an eighth of a percent on Friday, holding to a 1 1/2 percent weekly gain thanks to reassuring fresh information on inflation easing back in a still healthy economy. The markets come back from April's 5% pullback has been impressively quick, owing to broadly improving corporate earnings, slightly softer inflation indicators, a nice drop in bond yields and a message of benign patients from federal reservations. It's a good combination that leaves the Bulls with the benefit of the doubt for now, though, in a fairly expensive market that is up 11% for 2024 and is well outperforming the typical election year pattern, investors have already reaped generous awards in less than five months with your CNBC Markets Now update on Mike Santoli.