Stocks rallied to record levels, pushing the Dow across 35000 for the first time, in a striking rebound from Monday’s sharp losses
U.S. stocks rallied Friday, pushing the Dow Jones Industrial Average across the 35000 closing milestone for the first time, in a striking rebound from major indexes’ pullback earlier this week.
All three major U.S. stock indexes finished Friday at new all-time highs after each posted solid weekly gains of at least 1%. At the start of the week, a rally to records seemed improbable after all three indexes dramatically tumbled to start the week. On Monday, the Dow slid roughly 725 points, or more than 2%, as anxiety mounted over the
of the coronavirus. A growing concern among investors that the U.S. economy was losing momentum exacerbated the fall, too.. With Monday’s pullback was suddenly in the rearview mirror, investors turned their attention to a string of strong earnings. Meanwhile, across other asset classes, Treasury yields recovered after sliding Monday as well. Even oil markets ended the week with gains after plummeting sharply to start the week, too.
On Friday, the Dow added 238 points, or 0.7%, to close at 35061, marking a 1.1% weekly gain. The S&P 500 finished up 1%, to close at a record after a 2% gain for the week. The Nasdaq Composite also gained 1%, to finish at its own closing record, 14837. It rallied 2.8% for the week.
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