Stocks rose on Friday to wrap up another strong week as the Dow Jones Industrial Average emphatically erased its losses for 2020.
The Dow Jones Industrial Average fired ahead 161.6 points to finish Friday and the week at 28,653.87, a leap on the week of more than 723 points, or 2.59%. The 30-stock index now stands 115 points above its New Year’s Eve close.
Walmart and Coca-Cola led the way for the Dow, Walmart rising 2.7% and Coke sparkling 3.3%. Tech and energy were the best-performing sectors in the S&P 500, tech gaining 1.1% and energy up 1.9%
The S&P 500 gained 23.46 points to 3,508.01, yet another new record for the broad index, indeed, its first close about 3,500, and a leap on the week of more than 110 points, or 3.26%,
The NASDAQ Composite tacked on 70.3 points to 11,695.63, a jump of more than 383 points, or 3.39%.
Friday’s gains put the Dow on track to close in positive territory for the year. The last time the Dow sported a year-to-date gain was in late February, when it traded around an all-time high. Entering Friday’s session, the Dow was just 3.6% below its record.
Friday’s gains also put the S&P 500 on track for its biggest August gain since 1984. The broader market index is up 7.2% month to date.
On the data front, U.S. consumer spending rose 1.9% in July, topping forecasts of a 1.5% gain. Personal income was also stronger than expected, rising 0.4% while economists had forecast a drop of 0.2%.
Prices for the 10-Year Treasury eked ahead, lowering yields to 0.72% from Thursday’s 0.74%. Treasury prices and yields move in opposite directions.
Oil prices dropped six cents to $42.98 U.S. a barrel.
Gold prices spiked $40.00 to $1,972.60 U.S. an ounce.