S&P 500, NASDAQ POST BIGGEST WEEKLY GAINS SINCE NOVEMBER 2020

US stocks extended their recent rally on Friday and the S&P 500 and Nasdaq indexes scored their biggest weekly percentage gains since the U.S. elections in early November, boosted by optimism over earnings, stimulus talks and progress on vaccine rollouts, Caroline Valetkevich reported for Reuters on February 6, 2021.

Both the Dow Jones industrial average and S&P 500 rose for a fifth straight session in their longest streak of gains since August, while the S&P 500 and Nasdaq posted record closing highs for a second day in a row.

The Dow Jones Industrial Average rose 92.38 points, or 0.3%, to 31,148.24, the S&P 500 gained 15.09 points, or 0.39%, at 3,886.83 and the Nasdaq Composite added 78.55 points, or 0.57%, at 13,856.30.

For the week, the S&P 500 gained 4.65%, the Nasdaq added 6.01% and the Dow increased 3.89%.

The small-cap Russell 2000 index rose 7.7% for the week, its biggest weekly percentage gain since the week ended June 5.

A smaller-than-expected rebound in the US labor market last month highlighted the need for more government aid to shore up the economy.

The Labor Department on Friday reported a 49,000 increase in nonfarm payrolls last month, but job losses in manufacturing and construction.

US President Joe Biden and his Democratic allies in Congress moved ahead with their $1.9 trillion COVID-19 relief package as lawmakers approved a budget plan that will allow them to muscle Biden’s plan through in the coming weeks without Republican support.

“The upcoming package of stimulus is going to be big,” said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo.

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