Stock market notches best weekly gain since November as investors shake off GameStop worries to focus on fiscal aid
U.S. stock benchmarks finished mostly at records on Friday, notching the best rally in about three months, as fretting about the potential deterimental impact of trading in stocks popular with individual investors, like GameStop
and AMC Entertainment Holdings
gave way to a focus on progress toward a fresh round of coronavirus aid led by the Biden administration. The Dow Jones Industrial Average
finished up 0.3% at 31,148, just missing out on a closing record at 31,188.38. The S&P 500 index
closed at a record at around 3,886, up 0.4%, while the Nasdaq Composit Index
booked another all-time closing peak at 13,856, up 0.6% for the day. For the week, the Dow closed with a 3.9% gain, marking its longest win streak, five straight days, since August and its best weekly gain since Nov. 13. The S&P 500 notched a weekly advance of 4.7%, and the Nasdaq Composite logged a five-session advance of 6%, marking their best weekly gains since Nov. 6. The big data point of the week was a reading of monthly employment. The Labor Department showed that 49,000 jobs were added in January, while the unemployment rate fell to 6.3% from 6.7%. The results affirm the view that the recovery in the jobs market is stalling out amid the COVID-19 pandemic that has slammed the U.S. economy. Some 10 million jobs that vanished in the early stages of the pandemic still haven’t returned. That said, the Senate early Friday approved a budget resolution, 51-to-50, that would allow for a fast tracking of the $1.9 trillion coronavirus relief plan.