The S&P 500 wobbled Friday but remained on track to make a big weekly profit and continued its longest winning streak since October.
The broad stock market index rose about 0.1% early Friday after closing Thursday at its 19th all-time high for 2021. The benchmark is on track to rise for the first time in nearly six months for a third straight week . The Nasdaq Composite was down 0.4%. The Dow Jones Industrial Average achieved 114 points or 0.3%.
The S&P 500 and Nasdaq are on track to gain about 2% each this week, while the Dow is on track for a 1.4% weekly gain.
Stocks rose this week, led by strong earnings for technology companies. Bond markets settled, with yields falling for four consecutive days before tapping higher on Friday. Investors are betting that economic growth will pick up as Covid-19 vaccines and government aid help revitalize social and business activities. Federal Reserve officials also reiterated this week that the central bank will continue policies to support the recovery.
“It’s been another week that reminds us how addicted we are to policy support,” said Georgina Taylor, a multi-asset fund manager at Invesco. “Some comments from the US have reinforced the market’s view that policy cannot change quickly, and that has supported the stock market.”