Wall Street closed out a winning week Friday as the S&P 500 notched its fifth gain in a row and its biggest weekly increase since November.
The benchmark index rose 0.4% and ended the week 4.6% higher, more than making up for its decline in January. The latest gain nudged the S&P 500 to another all-time high. The Nasdaq composite also capped the week with a record high. Small-company stocks fared even better than the broader market, a sign that investors are feeling more optimistic about the economy.
The market largely shrugged off a dismal jobs report for January that showed the U.S. economy remaining in dire straits due to the pandemic. Investors have been focusing instead on the prospects for another economic boost from Washington. The Senate and House passed measures that will fast-track aid.
“It looks as if the Democrats are moving ahead with or without support from Republicans, and that’s helping the market’s tone,” said Quincy Krosby, chief market strategist at Prudential Financial.
Surprisingly good company earnings reports, news that a recent surge in new coronavirus cases is easing and progress in the distribution of vaccine have also helped keep investors in a buying mood, she said.
The S&P 500 index rose 15.09 points, or 0.4%, to 3,886.83. Its weekly gain is its biggest since November. The Dow Jones Industrial Average gained 92.38 points, or 0.3%, to 31,148.24. The Nasdaq rose 78.55 points, or 0.6%, to 13,856.30.
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