The S&P 500 edges up to its 10th all-time closing high for the year
Updated Feb. 12, 2021 5:07 pm ET
Major U.S. stock indexes climbed Friday to close at all-time highs, notching modest weekly gains.
Stocks hovered in record territory this week, buoyed by expectations for a fresh round of stimulus spending, strong corporate earnings and progress in the rollout of Covid-19 vaccines. In one development, President Biden said the U.S. has struck deals to buy another 200 million vaccine doses.
The week also brought reassurance that monetary policy is likely to continue supporting markets and the economy, with Chairman Jerome Powell saying Wednesday that the Federal Reserve is unlikely to consider raising rates or reducing bond purchases for the foreseeable future.
“Will stocks move upward forever? No. But for the moment, the ingredients are there for a rising stock market,” said John Augustine, chief investment officer at Huntington Private Bank.
The S&P 500 rose 1.2% for the week, while the Dow Jones Industrial Average added 1%. The tech-heavy Nasdaq Composite advanced 1.7%.