Stocks rose on Wall Street Friday, erasing the market’s losses from earlier in the week and avoiding a second straight weekly drop for the S&P 500.
The index rose 1.7% Friday, and some of the biggest gains came from companies whose profits are likely to jump the most if COVID-19 vaccinations and massive spending by the U.S. government juice the economy as much as economists expect. Bank stocks got a boost from some loosening of regulatory restrictions by the Federal Reserve and a continued rise in bond yields. Crude oil jumped and helped lift energy stocks.
The S&P 500 rose 65.02 points, or 1.7%, to 3,974.54.
The Dow Jones Industrial Average rose 453.40 points, or 1.4%, to 33,072.88.
The Nasdaq rose 161.05 points, or 1.2%, to 13,138.72.
The Russell 2000 index of smaller companies rose 38.36 points, or 1.8% to 2,221.48.
For the week:
The S&P 500 is up 61.44 points, or 1.6%.
The Dow is up 444.91 points, or 1.4%.
The Nasdaq is down 76.51 points, or 0.6%.
The Russell 2000 is down 66.06 points, or 2.9%.
For the year:
The S&P 500 is up 218.47 points, or 5.8%.
The Dow is up 2,466.40 points, or 8.1%.
The Nasdaq is up 250.44 points, or 1.9%.
The Russell 2000 is up 246.63 points, or 12.5%.